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2 months ago

Question 1.




Refer to the above figure. If a price floor of $3 was set

• there would be a shortage of 40 units.

• there would be a shortage of 20 units.

• the quantity sold would be 70 units.

• there would be a surplus of 40 units.

Question 2.




Refer to the above figure. A price floor of $60 results in

• a surplus of 100 units.

• a shortage of 200 units.

• a surplus of 200 units.

• a shortage of 100 units.
Source  Download
Economics Today: The Micro View
Edition: 19th
Author:
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wrote...
Posts: 190
2 months ago
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Answer 1

the quantity sold would be 70 units.

Answer 2

a surplus of 100 units.
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2 months ago
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