The figure to the right illustrates the market for apples in which the government has imposed...

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The figure to the right illustrates the market for apples in which the government has imposed a price floor of $12 per crate.

business economics

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Answer 1

Answer #1

After a price floor of 12 is imposed demand for apple = 16 million crates

Supply = 22 million crates

As demand is only for 16 million crates, only 16 mn crates will be sold

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Answer 2

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