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The government decides to put a price floor on the market for cotton. Explain why the government would do this. Draw a correctly labeled price

The government decides to put a price floor on the market for cotton.

  1. Explain why the government would do this.
  2. Draw a correctly labeled price floor diagram for this market.
  3. Identify the market outcome of this price floor.
  4. What is a solution to the problem you identified in part c?

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