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1 Explain using a chart how the government intervenes to be able to maintain the floor price it has set to help the producer 2

1 Explain using a chart how the government intervenes to be able to maintain the floor price it has set to help the producer

2 What is the difference between LAC (Long run Average Cost) and SAC (Short run Average Cost) using a chart. Why should we use LAC if the company is expanding its products?

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