Table 18.1 Price ($) Quantity Demanded Quantity Supplied 300 60 30 400 55 40 500 50 50 600 45 60 700 40 70 800 35 80 In response, to lobbying by the skateboard association, the government places a price floor at the price of $700 on skateboards. What will this have on the market for skateboards? Explain your answer.
Table 18.1 Price ($) Quantity Demanded Quantity Supplied 300 60 30 400 55 40 500 50 50 600 45 60 700 40 70 800 35 80 In response, to lobbying by the skateboard association, the government places a price floor at the price of $700 on skateboards. What will this have on the market for skateboards? Explain your answer.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Table 18.1
|
|
Quantity |
Quantity Supplied |
|
300 |
60 |
30 |
|
400 |
55 |
40 |
|
500 |
50 |
50 |
|
600 |
45 |
60 |
|
700 |
40 |
70 |
|
800 |
35 |
80 |
- In response, to lobbying by the skateboard association, the government places a
price floor at the price of $700 on skateboards. What will this have on the market
for skateboards? Explain your answer.
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