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correct answer only: Consider the graph below. When government sets a minimum price above the current equilibrium price, and will increase, and will decrease. Price
correct answer only: Consider the graph below. When government sets a minimum price above the current equilibrium price, and will increase, and will decrease. Price of Corn $6.50 Supply Consumer $6.00 Surplus $5.50 Minimum Price $5.00 $4.50 Producer $4.00 Surplus $3.50 $3.00 Demand 0 1 2 3 4 5 6 Quantity of Corn (in millions of bushels) consumer surplus; producer O surplus; deadweight loss. producer surplus; consumer O surplus; deadweight loss. consumer surplus, deadweight O loss; producer surplus. O producer surplus; deadweight loss; consumer surplus
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