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Answer to Question #60523 in Microeconomics for Bob

Question #60523
a) If the government adopts a ceiling price on rental units, graphically illustrate and explain the effect on consumer surplus and producer surplus.

b) Graphically illustrate the effect on consumer surplus and producer surplus if the government adopts a floor price for an agricultural good.

c) Compare the impact of a ceiling price and floor price on consumer surplus and producer surplus.
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