2. The language of price controls Consider the market for milk. Suppose that, in a competitive market without government regulations, the equilibrium price of milk is $2.50 per gallon, and employees at grocery stores eam $21.50 per hour. Complete the following table by indicating whecher each of the statements is an example of a price ceiling or a price floor and whecher it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. Statement The government prohibits grocery stores from selling milk for more than $2.30 per Price Control Effect gallon. There are many teenagers who would like to work at grocery stores, but the minimum- wage law sets the hourly wage at $25.00. The government has instituted a legal minimum price of $2.30 per gallon for milk.

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