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The government has set a price floor for milk at $14/cwt (cwt = 100 pounds), but market conditions indicate that the market equilibrium is $11/cwt. What effect will the price floor have?

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The government has set a price floor for milk at $14/cwt (cwt = 100 pounds), but market conditions indicate that the market equilibrium is $11/cwt. What effect will the price floor have?






 
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