11. Compare a market in which supply and demand are very (but not perfectly) inelastic to one...

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11. Compare a market in which supply and demand are very (but not perfectly) inelastic to one in which supply and demand are very (but not perfectly)

elastic. Suppose the government decides to impose a price floor $1 above the equilibrium price in each of these markets. Compare, diagrammatically, the surpluses that result. In which market is the surplus larger?

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Afiya Hongal

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