If the equilibrium price of corn is $3 a bushel, and the government imposes a floor of

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If the equilibrium price of corn is $3 a bushel, and the government imposes a floor of $4 a bushel, the price of corn will ______.

a) increase to $4

b) remain at $3

c) rise to about $3.50

d) be impossible to determine

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Microeconomics

ISBN: 9780077641542

11th Edition

Authors: Stephen Slavin

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Question Posted: Feb 29, 2024 07:00 AM

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If the equilibrium price of corn is $3 a bushel, and the government imposes a floor of

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The correct answer is a increase to 4 Explanation A price floor is a governmentimposed minimum price ...View the full answer

Microeconomics

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