Table 4-A
Use the following information about demand and supply schedules to answer the question.
$\begin{array}{lccc}\text { Price } & \mathbf{D}_{\mathbf{1}} & \mathbf{D}_{\mathbf{2}} & \mathbf{S}_{\mathbf{1}}&\mathbf{S}_{\mathbf{2}} \\\$ 12 & 5 & 9 & 19&14 \\\$ 10 & 8 & 12 & 17&12 \\\$ 8 & 11 & 15 & 15&10 \\\$ 6 & 13 & 18 & 13&8 \\\$ 4 & 16 & 21 & 11&6 \\\$ 2 & 18 & 24 & 9&4\end{array}$

-Refer to Table 4-A.Suppose that D₁ and S₂ are the demand and supply schedules for Product A.If the government imposes a price floor of $6:

Question

Table 4-A
Use the following information about demand and supply schedules to answer the question.

\begin{array}{lccc}\text { Price } & \mathbf{D}_{\mathbf{1}} & \mathbf{D}_{\mathbf{2}} & \mathbf{S}_{\mathbf{1}}&\mathbf{S}_{\mathbf{2}} \\\$ 12 & 5 & 9 & 19&14 \\\$ 10 & 8 & 12 & 17&12 \\\$ 8 & 11 & 15 & 15&10 \\\$ 6 & 13 & 18 & 13&8 \\\$ 4 & 16 & 21 & 11&6 \\\$ 2 & 18 & 24 & 9&4\end{array}

-Refer to Table 4-A.Suppose that D₁ and S₂ are the demand and supply schedules for Product A.If the government imposes a price floor of $6:

Quizplus · Accepted Answer

At a price floor of $6, the quantity demanded (D1) is 13 and the quantity supplied (S2) is 8, resulting in a shortage of 5 units. However, since the price floor is below the equilibrium price of $8 (where D1 equals S2), it will have no impact on the market.

Table 4-A Use the Following Information About Demand and Supply

Table 4-A
Use the Following Information About Demand and Supply