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Figure: Determining Surplus and Loss
-(Figure: Determining Surplus and Loss)In the graph,a price of $12 would allow for an effective price floor.

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Use the following to answer questions 
Figure: Determining Surplus and Loss 
-(Figure: Determining Surplus and Loss)In the graph,a price of $12 would allow for an effective price floor.

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In the graph, the effective price floor is at $12, which creates a surplus of goods as the quantity supplied exceeds the quantity demanded at that price.

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