Consider a market characterized by the following inverse demand and supply functions: PX = 10 – 2QX and PX = 2 + 2QX. An $8 per unit price floor will result in a
Note
Consider a market characterized by the following inverse demand and supply functions: PX = 10 - 2QX and PX = 2 + 2QX. An $8 per unit price floor will result in a surplus of 2 units.