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QUESTION
13. Key Question Refer to the table in question 7. Suppose that the government establishes a price ceiling of $3.70 for wheat. What might prompt the
13. Key Question Refer to the table in question 7. Suppose that the government establishes a price ceiling of $3.70 for wheat. What might prompt the government to establish this price ceiling? Explain carefully the main effects. Demonstrate your answer graphically. The government establishes a price floor of $4.60 for wheat. What will be the main effects of this price floor?
