The figure illustrates the market for apples in which the government has imposed a price floor of $13 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? There will be a surplus of million crates of apples per year. (Enter your response as an integer.) Will apple producers benefit from the price floor? A. Apple producers who are able to sell their apples at the $13 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 $208 million. D. Both a and b. O E. All of the above. C Price 201 18- 16- 14- 12- 10- 6- 4- 2- 0 4 Supply Demand 8 12 16 20 24 28 32 36 Quantity (millions of crates per year) . 4(
The figure illustrates the market for apples in which the government has imposed a price floor of $13 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? There will be a surplus of million crates of apples per year. (Enter your response as an integer.) Will apple producers benefit from the price floor? A. Apple producers who are able to sell their apples at the $13 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 $208 million. D. Both a and b. O E. All of the above. C Price 201 18- 16- 14- 12- 10- 6- 4- 2- 0 4 Supply Demand 8 12 16 20 24 28 32 36 Quantity (millions of crates per year) . 4(
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter6: Supply, Demand And Government Policies
Section: Chapter Questions
Problem 2PA
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Question
Transcribed Image Text:The figure illustrates the market for apples in which the
government has imposed a price floor of $13 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?
There will be a surplus of
per year. (Enter your response as an integer.)
Will
apple producers benefit from the price floor?
million crates of apples
A. Apple producers who are able to sell their apples
at the $13 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 $208 million.
D. Both a and b.
E. All of the above.
Price
20-
18-
16-
14-
12-
10-
8-
6-
4-
2-
Supply
Demand
8 12 16 20 24 28 32 36
Quantity (millions of crates per year)
4(
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