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37:57 You are viewing Eshan Sachin Arya's screen O RS EUNRY 9 ] ® Recording B View Situations where CS, PS and TS CS, PS and TS increase when D decrease: or/and S increase 1. When the market is unable to reach equilibrium p 2. When S decreases 3. When D decreases A A floor set below the equilibrium is called a non- binding floor. This policy will end up protecting the prices -from falling and hence will protect the local producers. The market is allowed and hence will reach/get back to 'equilibrium. | Government wants to protect local producers of milk and hence the government imposes a minimum selling price on all milk sellers. Suppose the equilibrium price is $2 pl, the b new minimum price set by the government is $1.50 1% Share Screen Record REET{LE
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