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Government allocative inefficiency arises

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Reference no: EM132130144

Choose five concepts that characterize a price floor. Maximum legal price set by government Allocative inefficiency arises

Minimum legal price set by government Permanent shortage results

Price below equilibrium price Permanent surplus results

Above-market clearing price QD > QS

Rationing function of price is effective QD < QS

Reference no: EM132130144

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