Redraw the graph shown here and label each of the following: a. The equilibrium point b. The
Question:
Redraw the graph shown here and label each of the following:
a. The equilibrium point
b. The equilibrium price and quantity
c. The level of a price floor that would alter the price charged in the market.
d. The horizontal distance that represents the surplus of oranges at the price floor you drew for part c.
Transcribed Image Text:
Price (per orange) 0 Supply Demand Quantity (oranges per day) Anderson, Survey of Economics, © 2019 Worth Publishers
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