suppose the daily demand for pairs of socks is represented by the demand funcion Q, = 50 - 10P while the supply is represented by supply function Qs = 10P - 10, where , is the pairs of socis demanded, ls is the pairs of socks supplied, and P is the price per pair of socks. SUPPOSE THE GOVT IMPOSES A PRICE FLOOR OF 3.50 DOLLAR PER PAIR OF SOCKS, IS THE PRICE FLOOR BINDING? EXPLAIN, ILLUSTRATE THE PRICE FLOOR ON GRAPTH