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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Select the correct answer. A price floor will usually shift:

a. demand

b. supply

c. both

d. neither

Illustrate your answer with a diagram.

To determine

A price floor will shift:

(a) Demand (b) supply (c) both (d) neither.

Explanation

A price floor prevents a price falling below a certain minimum level. price floor is one of the price control technique in the hands of the government .It is set above the equilibrium price and creates excess supply but it cannot shift the supply and demand curve as shifting of curves happens due to on price factors ...

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