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Graphically illustrate supply and demand in a market where a price floor has been instituted above the equilibrium price. Is there a shortage or a surplus of this good because of the price floor? On your graph, shade in the area of lost gains from trade and explain why this results in market inefficiency.
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The authority granted by law to individuals or entities to carry out legal actions.
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An acceptance of a situation or outcome with complaints or signs of unhappiness.
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