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Price floors

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Questions Answers
Use a diagram to explain the effects a price floor has on the market.
What is a real lofe example of a price floor?
What are five problems with a price floor?
What are the effects of a price floor on market stakeholders? (consumers, producer, workers, government)
What are the three methods goverments can use to deal with the surplus?
Draw a graph of a price floor showing the welfare loss (and describe the loss of consumer and producer surplus)

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