3. The figure to the right illustrates the market for apples inwhich the government has imposed a price floor of $13 percrate.20-18-How many crates of apples will be sold after the price floorhas been imposed?per year. (Enter your response as an integer.)16-million crates of applesSupply14-Will there be a shortage or surplus? If there is a shortage orsurplus, how large will it be?12-10-There will be a (1).million crates of apples per year. (Enter your response as aninteger.)8-of6-4-Will apple producers benefit from the price floor?24DemandOA Apple producers who are able to selltheir apples at the $13 price per cratewill beneft.O B. Appie producers who are not able to selltheir apples will not benefit.OC. Total revenue for apple producers as agroup will decrease from $220 million to$208 million.8 12 16 20 24 28 32 36 40Quantity (millions of crates per year)4.O D. Both a and b.OE All of the above(1) O nhortageO surplusPrice

A price floor is a government- or group-imposed price control or limit on how low a price can be…

3. The figure to the right illustrates the market for apples in which the government has imposed a price foor of $13 per crate. 20 18- How many crates of apples will be sold after the price floor has been imposed? per yoar. (Enter your response as an integer.) Will there be a shortage or surplus? If there is a shortage or surplus, how large will it be? 16- million crates of apples Supply 14- 12- 10- 8- There will be a (1) – million crates of apples per year. (Enter your response as an integer.) 6- 4- Will apple producers beneft from the price floor? 2- Demand O A. Apple producers who are able to sell their apples at the $13 price per crate will benefit 04 12 16 20 24 28 32 36 40 Quantity (millions of crates per year) OB Annle podure Price

3. The figure to the right illustrates the market for apples in which the government has imposed a price foor of $13 per crate. 20 18- How many crates of apples will be sold after the price floor has been imposed? per yoar. (Enter your response as an integer.) Will there be a shortage or surplus? If there is a shortage or surplus, how large will it be? 16- million crates of apples Supply 14- 12- 10- 8- There will be a (1) – million crates of apples per year. (Enter your response as an integer.) 6- 4- Will apple producers beneft from the price floor? 2- Demand O A. Apple producers who are able to sell their apples at the $13 price per crate will benefit 04 12 16 20 24 28 32 36 40 Quantity (millions of crates per year) OB Annle podure Price

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. Suppose that the free market equilibrium price of bourbon is $5.00 a bottle, and that the government sets a price floor of $6.00 a bottle on bourbon. The most likely result of this action is that: a. b. C. d. there will now be an excess supply of bourbon the market price of bourbon will remain at $5.00 a bottle. the demand curve for bourbon will shift outward. there will now be an excess demand for bourbon.
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