The figure below illustrates the market for Washington apples after the government imposes a price floor of $20 per crate of apples. Using the figure, answer the following questions. 1- How many crates of apples were sold before the price floor? million crates 2 - How many crates of apples will be demanded after a binding price floor is set ? million crates 3 - How many crates of apple will be supplied after a binding prince floor is set ? 4-how many crates of apples will be sold after the price floor? 6 - what is the size of the shortage or surplus ?

The figure below illustrates the market for Washington apples after the government imposes a price floor of $20 per crate of apples. Using the figure, answer the following questions. 1- How many crates of apples were sold before the price floor? million crates 2 - How many crates of apples will be demanded after a binding price floor is set ? million crates 3 - How many crates of apple will be supplied after a binding prince floor is set ? 4-how many crates of apples will be sold after the price floor? 6 - what is the size of the shortage or surplus ?

Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781305971509

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand, And Government Policies

Section: Chapter Questions

Problem 10PA

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