price floor and ceilings

What is the result of the government implementing a price floor of $60

• There would be a shortage of 100 since it is cheaper for consumers 
• There would be a surplus of 100 because it is more expensive for consumers 
• There would be a shortage of 100 because it is assisting the suppliers
• There would be a surplus of 100 because it is beneficial to consumers 

What is the supply with a price floor of $60?

• 50
• 100
• 150
• 200

What is the result of the government implementing a price floor of $60

• There would be a shortage of 100 since it is cheaper for consumers 
• There would be a surplus of 100 because it is more expensive for consumers 
• There would be a shortage of 100 because it is assisting the suppliers
• There would be a surplus of 100 because it is beneficial to consumers 

What is the supply with a price floor of $60?

• 50
• 100
• 150
• 200

3. Price floors and price ceilings prevent items from obtaining their equilibrium price.

• True
• False

4. The minimum wage is an example of a government price control.

• True
• False

If a price floor was set at 320, what quantity would be purchased?

• 20
• 40
• 60
• 80

What does this graph show?

• Shortage
• Surplus
• Supply Table
• Equilibrium

What is the equilibrium quantity in this graph?

• $1.50
• $1.00
• 600
• 800

At the price of 1.00 there is a 

• shortage of 200
• surplus of 200
• shortage of 400
• surplus of 400