Assume the government imposed a minimum price

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A price ceiling

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1. Suppose the government imposed a minimum price of $7 in the schedule of exercise 3. What would occur? Illustrate.

2. In exercise 3, indicate what the price would have to be to represent an effective price ceiling. Point out the surplus or shortage that results. Illustrate a price floor and provide an example of a price floor.

3. Evaluate the following statement: â??The demand for U.S. oranges has increased because the quantity of U.S. an orange demanded in Japan has risen.â?

Reference no: EM1337281

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