The figure illustrates the market for apples in which the government has imposed a price floor of $12 per crate. How many crates of apples will be sold after the price floor has been imposed? million crates of apples per year. (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? million crates of apples There will be a ▼ of per year. (Enter your response as an integer.) Will apple producers benefit from the price floor? O A. Apple producers who are able to sell their apples at the $12 price per crate will benefit. B. Apple producers who are not able to sell their apples will not benefit. C. Total revenue for apple producers as a group will decrease from $220 million to $216 million. D. Both a and b. E. All of the above. C Price 20- 18- 16- 14- 12- 10- 8- 6- 4- Supply Demand 8 12 16 20 24 28 32 36 Quantity (millions of crates per year) 40
The figure illustrates the market for apples in which the government has imposed a price floor of $12 per crate. How many crates of apples will be sold after the price floor has been imposed? million crates of apples per year. (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? million crates of apples There will be a ▼ of per year. (Enter your response as an integer.) Will apple producers benefit from the price floor? O A. Apple producers who are able to sell their apples at the $12 price per crate will benefit. B. Apple producers who are not able to sell their apples will not benefit. C. Total revenue for apple producers as a group will decrease from $220 million to $216 million. D. Both a and b. E. All of the above. C Price 20- 18- 16- 14- 12- 10- 8- 6- 4- Supply Demand 8 12 16 20 24 28 32 36 Quantity (millions of crates per year) 40
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![The figure illustrates the market for apples in which the
government has imposed a price floor of $12 per crate.
How many crates of apples will be sold after the price floor
has been imposed?
million crates of apples per year.
(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?
million crates of apples
There will be a
of
per year. (Enter your response as an integer.)
Will apple producers benefit from the price floor?
O A. Apple producers who are able to sell their apples
at the $12 price per crate will benefit.
B. Apple producers who are not able to sell their
apples will not benefit.
OC. Total revenue for apple producers as a group will
decrease from $220 million to $216 million.
D.
Both a and b.
E. All of the above.
Price
20-
18-
16-
14-
12-
10-
8-
6-
4-
2-
0-
0
4
Supply
Demand
8 12 16 20 24 28 32 36
Quantity (millions of crates per year)
40](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffc903c9a-7e7b-425e-8c08-5c767cb0c38b%2F760dab92-88e1-4d58-9e13-94e8c0fad3ed%2Fnuxi4vj_processed.png&w=3840&q=75)
Transcribed Image Text:The figure illustrates the market for apples in which the
government has imposed a price floor of $12 per crate.
How many crates of apples will be sold after the price floor
has been imposed?
million crates of apples per year.
(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?
million crates of apples
There will be a
of
per year. (Enter your response as an integer.)
Will apple producers benefit from the price floor?
O A. Apple producers who are able to sell their apples
at the $12 price per crate will benefit.
B. Apple producers who are not able to sell their
apples will not benefit.
OC. Total revenue for apple producers as a group will
decrease from $220 million to $216 million.
D.
Both a and b.
E. All of the above.
Price
20-
18-
16-
14-
12-
10-
8-
6-
4-
2-
0-
0
4
Supply
Demand
8 12 16 20 24 28 32 36
Quantity (millions of crates per year)
40
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education