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Figure 5-5 shows the market for apartments in Springfield. Recently, the government imposed a rent ceiling of $1000 per month. Refer to Figure 5-5. Suppose
Figure 5-5 shows the market for apartments in Springfield. Recently, the government imposed a rent ceiling of $1000 per month. Refer to Figure 5-5. Suppose that instead of a rent ceiling, the government imposed a price floor of $2000 per month for apartments. What is the value of producer surplus after the imposition of the price floor?
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