Question
need help sloving

Figure 6-1 Price Price Price Ceiling Price Ceiling Quantity Refer to Figure 6-1. A binding price ceiling is shown in O panel
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Answer #1

Solution -

Option B. panel (b) but not panel (a) is Correct Answer.

Reason -

The price is the minimum value charged for the floor. An effective (or binding) price floor is more than a balanced balance. An effective (or binding) price limit is that the balance price is set below

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