Written Response #4: 1) Will a law that implements an effect…
Written Response #4: 1) Will a law that implements an effective price floor set the price above or below what the market equilibrium price? 2) Will a price floor cause a shortage or surplus in the affected market? 3) Give a real-world example of a price floor. 4) Provide a “pro” and a “con” for the price floor based on your example in #3 above.
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