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Using the Supply and Demand Curves to Find Equilibrium
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Using the Supply and Demand Curves to Find Equilibrium
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3. Supply and Demand / Supply and Demand Together: Equilibrium, Shortage, and Surplus / Problem 2
Problem 2
A government sets a price floor above the equilibrium price for milk. What is the likely outcome in the market?
A
A shortage of milk will occur.
B
A surplus of milk will occur.
C
The market will reach a new equilibrium.
D
The price floor will have no effect.
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