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Select the correct answer. A price floor will usually shift:a. demandb. supplyc. bothd. neitherIllustrate your answer with a diagram.
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Chapter 4
Labor and Financial Markets
How Markets Work
The Economics of the Public Sector
The Economics of Labor Markets
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Hi. Let's keep talking about price floors. Let's say we have a price floor, as we have in this graph, and were asked whether the price floor shifts that supply the demand or both. Well, the answer is no. The price floor does not shift the demand or the supply. What it does is simply does not allow this firm to charge a price below this minimum. This is going to cause, ah, hire quantity supply. Then the quantity demanded. But this is not affect that the man to supply itself and effects of quantity demanded and the quantity supply.
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