Question 23 14 pts The equilibrium price of sugar in the United States is $0.59 per pound, The American sugar industry recently lobbied Congress for help against foreign competition. One senator from Hawall argued in favor of imposing a binding price floor (minimum price) for sugar of $0.75 per pound In the United States, arguing that the imposition of the price floor would increase the sugar producers' total revenue earned. A congresswoman from California argued against imposing the binding price floor, arguing that the imposition of the price floor would cause fewer pounds of sugar to be sold in the United States. (The quantity sold would decrease.) Explain the effects of the imposition of a legal minimum price per pound of sugar of $0.75 on the American sugar market. Which argument is correct? What would have to be true about the American demand for sugar for both arguments to be correct