Question

distinguish between price floor and price support​

Answer 1

Answer:

Thus, a price support is different from a price floor because, with a price floor, any excess production by sellers is a burden on the sellers. In contrast, with a price support, any excess production is a burden on the government.

Answer 2

Answer ⤵️

Government buys the excess supply to maintain a price support, but not for a price floor. The quantity where price and demand meet under equilibrium price minus the quantity where supply and price meet under the equilibrium price

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