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5. Using the graph below, answer the following questions. ST Price (dollars) 2 10 20 Quantity a. What condition is necessary for a price floor

5. Using the graph below, answer the following questions. ST Price (dollars) 2 10 20 Quantity a. What condition is necessary for a price floor to be effective? b. If a price floor is set at $2.00 what impact will it have on the market? (be specific) c. If a price floor is set at $5.00, what impact will it have on the market? (be specific)

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