Consider a market for fish whose market demand and market supply for fish are specified as qd = 300 - 2.5 p and qs = - 20 + 1.5 p respectively. The government decides to impose a price floor of $50 per ton. What would be the resulting market distortion?
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Consider a market for fish whose market demand and market supply for fish are specified as qd = 300 - 2.5 p and qs = - 20 + 1.5 p respectively. The government decides to impose a price floor of $50 per ton.
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