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1. Congress passes a law which requires car manufacturers to reduce emissions during the manufacturing process.
(a) Which of the supply shifter variables (SPENT) is affected?
(b) Will supply increase or decrease as a result of the change?
(c) Which way does the supply curve shift (right or left)?
(d) Assuming demand remains the same, what happens to equilibrium price and quantity after the shift? Will they increase or decrease?
2. What is meant by a "binding price floor?" Give an example and explain how a binding price floor affects the market equilibrium
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