1. The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of cold brew is $4.00 per cup. Complete the following table by indicating whether each of the statements is an example of a price celling or a price floor and whether it is binding or nonbinding. Statement Due to new regulations, coffee shops that would like to pay better wages in order to hire more workers are prohibited from doing so. The government prohibits coffee shops from selling cold brew for more than $6.00 per cup. The government has instituted a legal minimum price of $6.00 per cup for cold brew. Price Control Price ceiling Price floor Binding or Not

1. The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of cold brew is $4.00 per cup. Complete the following table by indicating whether each of the statements is an example of a price celling or a price floor and whether it is binding or nonbinding. Statement Due to new regulations, coffee shops that would like to pay better wages in order to hire more workers are prohibited from doing so. The government prohibits coffee shops from selling cold brew for more than $6.00 per cup. The government has instituted a legal minimum price of $6.00 per cup for cold brew. Price Control Price ceiling Price floor Binding or Not

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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