Scenario: Suppose a competitive market has ten buyers and ten sellers. The product exchanged in this market is beach hats, which are indivisible. The following table shows the reservation values for both buyers and sellers.
-Refer to the scenario above.Suppose a price floor of $12 is imposed on this market.,which does not allow the price of hats drop below $12.Under this restriction,________ hats are exchanged in this market,and the social surplus will be ________.
Definitions:
Equalization
The process of making things equal or balanced in terms of value, status, or character.
Disequilibrium
A state of mental imbalance or confusion, often occurring when new information conflicts with existing beliefs or knowledge.
Amygdala
A part of the brain involved in experiencing emotions, particularly fear and pleasure.
Emotions
Complex psychological states that involve physiological responses, subjective feelings, and expressive behaviors.
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