Homework Answers
Answer to blank 1: 16 million
Answer to blank 2: Surplus
Answer to blank 3: 6 million
Explanation:
At a price of $12, the supply is 22 million and demand is 16 million. So, there is a surplus of 6 million crates of apple.
Ans: All of the above
Explanation:
Option A & B are correct.
Before price floor, TR = $11 * 18 = $198 million
After price floor, TR = $12 * 16 = $192 million
So, option C is also correct.
Therefore, option [E] is correct answer.
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The figure to the right illustrates the market for apples in which the government has imposed...
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