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The figure below illustrates the market for Washington apples after the government imposes a
How many crates of apples were sold before the price floor? million crates
How many crates of apples will be demanded after a binding price floor is set? million crates
How many crates of apples will be supplied after a binding price floor is set? million crates
How many crates of apples will be sold after the price floor? million crates
What is the size of the shortage or surplus? million crates
Price floor refers to the legal minimum that can be charged for a good. It is set above the equilibrium level.
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