What is its magnitude shortage or a surplus

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Q. There are two observations for the market supply and market demand. Assume supply and demand are linear relationships of price and quantity.
Supply= (2,5) (7,6), Demand= (105,1) (95,11).

The government sets a price floor of $5 in the above market. Is this price control binding? If so, is there a shortage or a surplus and what is its magnitude?

Reference no: EM1349763

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