32. Imagine that to preserve the traditional way of life in small fishing villages, a government decides

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32. Imagine that to preserve the traditional way of life in small fishing villages, a government decides to impose a price floor that will guarantee all fishermen a certain price for their catch.

a. Using the demand and supply framework, predict the effects on the price, quantity demanded, and quantity supplied.

b. With the enactment of this price floor for fish, what are some of the likely unintended consequences in the market?

c. Suggest some policies other than the price floor to make it possible for small fishing villages to continue.

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Principles Of Microeconomics 2e By OpenStax

ISBN: 9781947172340

2nd Edition

Authors: OpenStax

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Question Posted: Nov 06, 2024 03:00 AM

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32. Imagine that to preserve the traditional way of life in small fishing villages, a government decides

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Principles Of Microeconomics 2e By OpenStax

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