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The Surpluses Associated with a Binding Price Floor Will Be

Question 45

Multiple Choice

The surpluses associated with a binding price floor will be the smallest when


A) both supply and demand are highly elastic.
B) both supply and demand are highly inelastic.
C) supply is highly elastic and demand is highly inelastic.
D) supply is highly inelastic and demand is highly elastic.
E) both supply and demand are unit elastic.

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