3. Suppose that the federal government places a binding price fl oor on chocolate. To help support...
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3. Suppose that the federal government places a binding price fl oor on chocolate. To help support the price fl oor, the government purchases all of the leftover chocolate that consumers do not buy. If the price fl oor remains in place for a number of years, what do you expect to happen to each of the following?
a. quantity of chocolate demanded by consumers
b. quantity of chocolate supplied by producers
c. quantity of chocolate purchased by the government
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