$$\begin{array} { | c c c }
\hline { \text { Fimure 4-3 } } \
\hline \text { Price } & \text { Quartity } & \text { Quartity } \
\text { Per Pair } & \text { Demarded } & \text { Supplied } \
\hline \$ 2 & 18 & 3 \
\$ 4 & 14 & 4 \
\$ 6 & 10 & 5 \
\$ 8 & 6 & 6 \
\$ 10 & 2 & 8 \
\hline
\end{array}$$
-Figure 4-3 shows the supply and demand for socks.If a price floor of $6 is imposed,the quantity of socks actually purchased will be
A) 10 pairs
B) 5 pairs
C) 6 pairs
D) 15 pairs
E) 13 pairs

Question

$$\begin{array} { | c c c } 
\hline { \text { Fimure 4-3 } } \
\hline \text { Price } & \text { Quartity } & \text { Quartity } \
\text { Per Pair } & \text { Demarded } & \text { Supplied } \
\hline \$ 2 & 18 & 3 \
\$ 4 & 14 & 4 \
\$ 6 & 10 & 5 \
\$ 8 & 6 & 6 \
\$ 10 & 2 & 8 \
\hline
\end{array}$$
-Figure 4-3 shows the supply and demand for socks.If a price floor of $6 is imposed,the quantity of socks actually purchased will be
A) 10 pairs
B) 5 pairs
C) 6 pairs
D) 15 pairs
E) 13 pairs

Quizplus · Accepted Answer

A price floor of $6 will mean that the price cannot go below $6. Looking at the table, we can see that only 5 pairs of socks are supplied at a price of $6. However, at this price, 10 pairs are demanded. This means that there is excess demand for socks, and only the amount that can be supplied (6 pairs) will be purchased. Therefore, the quantity of socks actually purchased will be 6 pairs.

-Figure 4-3 Shows the Supply and Demand for Socks