Figure 6-3
-Refer to Figure 6-3.If the government imposes a price floor of $14 on this market,then there will be a

Name: Figure 6-3 -Refer to Figure 6-3.If the government imposes a price floor of $14 on this market,then there will be a
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Question

Figure 6-3 
-Refer to Figure 6-3.If the government imposes a price floor of $14 on this market,then there will be a

Quizplus · Accepted Answer

A price floor set above the equilibrium price results in a surplus. If the price floor is $14, and the quantity supplied at this price is greater than the quantity demanded, the surplus is the difference between these quantities, which is 40 units.

Figure 6-3 -Refer to Figure 6-3.If the Government Imposes a Price Floor