28 P 24 20 16 12 8 4 S D 0 0 4 8 12 16 20 24 Q 03. What would be the impact in this market, of a price floor set at $16 a) A market surplus of 7 b) A market surplus of 10 c) A market surplus of 21 d) There would be no impact e) A market shortage of 7 f) A market shortage of 10 g) A market shortage of 21

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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28 P
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03. What would be the impact in this market, of a price floor set at $16
a) A market surplus of 7
b) A market surplus of 10
c) A market surplus of 21
d) There would be no impact
e) A market shortage of 7
f) A market shortage of 10
g) A market shortage of 21
Transcribed Image Text:28 P 24 20 16 12 8 4 S D 0 0 4 8 12 16 20 24 Q 03. What would be the impact in this market, of a price floor set at $16 a) A market surplus of 7 b) A market surplus of 10 c) A market surplus of 21 d) There would be no impact e) A market shortage of 7 f) A market shortage of 10 g) A market shortage of 21
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