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Price Floors and their ConsequencesThe table shows the quantity of workers that are demanded and ...

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Price Floors and their ConsequencesThe table shows the quantity of workers that are demanded and ...

Price Floors and their Consequences

The table shows the quantity of workers that are demanded and supplied at various wages.

Wages	Quantity Demanded	Quantity Supplied
9	1505	1190
12	1295	1295
15	1085	1400
18	875	1505

The government sets a price floor at $15. The price floor causes a ________ of ________.
How many people would be employed if the price floor was not in place?

▸ shortage, 875, 1295

▸ surplus, 315, 1295

▸ surplus, 315, 1085

▸ shortage, 875, 1085

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

Read 48 times

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