Suppose the equilibrium price of a gallon of milk is $4. If the government imposes a price floor of $5 per gallon of milk, the.

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19-09-2022
Business

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Suppose the equilibrium price of a gallon of milk is $4. If the government imposes a price floor of $5 per gallon of milk, the.

Answer :

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Qwline Qwline · Answer 1 · 2022-09-21T13:36:57-04:00

If the equilibrium price of a gallon of milk is $4 and if the government imposes a price floor of $5 per gallon then, the quantity supplied of milk will exceed the quantity demanded.

Price floor prevents a price from falling before a certain level. When a price floor is set above the equilibrium price, the quantity supplied will exceed quantity demanded, and excess supply or surpluses will result. On the other hand, when a price floor is set below the equilibrium price, quantity demanded will exceed quantity supplied and excess demand will result.

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Suppose the equilibrium price of a gallon of milk is​ $4. If the government imposes a price floor of​ $5 per gallon of​ milk, the.

Answer :

Other Questions

Suppose the equilibrium price of a gallon of milk is $4. If the government imposes a price floor of $5 per gallon of milk, the.