Economic effect of price floors

Reference no: EM1367610

Assume the government sets an effective price floor in market for oranges and agrees to buy all oranges that go unsold at that price. The oranges bought by the government are discarded. Using graphs, illustrate the number of oranges bought by the government, & illustrate the gains and losses to all relevant groups of Americans and deadweight loss.

Reference no: EM1367610

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