Microeconomics

10. Briefly define what is a price floor? Give at least two examples of price Floor. 11. How a production quota affects consumer and producer surplus? 12. A downward sloping demand curve will benefit a seller who is using product differentiation. Explain why? 13. As product differentiation increases, demand tends to become more inelastic. Explain why? 14. The purely competitive firm's demand curve is horizontal. Explain why? 15. In order to maximize its profits, what decision a purely competitive firm must make