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Consider the above table. Assuming the government imposes a price floor on garbanzo beans of $8, what would be the likely result?
a. no change, equilibrium would prevail
b. The quantity demanded of garbanzo beans would fall to zero.
c. shortage of 2000 garbanzo beans
d. surplus of 2000 garbanzo beans
How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 2 percent?
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