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Explain these economic concepts, and include diagrams where appropriate. a. Suppose the market for hospital outpatient is in equilibrium when a price floor is set.

Explain these economic concepts, and include diagrams where appropriate. a. Suppose the market for hospital outpatient is in equilibrium when a price floor is set. What to do you expect to happen? (2 points) b. What do we call a good with an income elasticity less than zero? (2 points)

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