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A5 Suppose that the demand curve for beans is: Qa = 300 - 30p and the supply curve Qs = 30p. The government imposes a

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A5

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Suppose that the demand curve for beans is: Qa = 300 - 30p and the supply curve Qs = 30p. The government imposes a price support at p = $7. What is the deadweight loss if the government supports the price by purchasing excess supply? The deadweight loss is O 1,000 O 720 500 O 430 O 850

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