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Use the following to answer question:
-(Figure: The Market for Butter) Use Figure: The Market for Butter.If a government price floor of $1.30 is imposed on this market,an inefficiency will result in the form of a _____ of _____ million pounds of butter.
Implied Warranties
Legal assurances that are not explicitly stated but are assumed in the sale of goods, suggesting they will function as expected.
Transaction
A business deal or action, such as buying or selling, between two or more parties.
Warranty
A warranty is a guarantee provided by a seller to a buyer, promising to repair or replace a product if it fails within a certain period after purchase.
Disclaimed
The act of renouncing a claim to or denying responsibility for something, often seen in legal disclaimers or warranties.
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