The figure illustrates the market for apples in which the government has imposed a price floor of $12 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? million crates of apples There will be a ▼ of per year. (Enter your response as an integer.) Will apple producers benefit from the price floor? O A. Apple producers who are able to sell their apples at the $12 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 $216 million. D. Both a and b. E. All of the above. C Price 20- 18- 16- 14- 12- 10- 8- 6- 4- Supply Demand 8 12 16 20 24 28 32 36 Quantity (millions of crates per year) 40

The figure illustrates the market for apples in which the government has imposed a price floor of $12 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? million crates of apples There will be a ▼ of per year. (Enter your response as an integer.) Will apple producers benefit from the price floor? O A. Apple producers who are able to sell their apples at the $12 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 $216 million. D. Both a and b. E. All of the above. C Price 20- 18- 16- 14- 12- 10- 8- 6- 4- Supply Demand 8 12 16 20 24 28 32 36 Quantity (millions of crates per year) 40

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter4: Labor And Financial Markets

Section: Chapter Questions

Problem 31P: Table 4.6 shows the amount of savings and barrowing in a market for loans lo purchase homes,...

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← The figure illustrates the market for apples in which the government has imposed a price floor of $12 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 of Will apple producers benefit from the price floor? OA. Apple producers who are able to sell their apples at the $12 price per crate will benefit OB. Apple producers who are not able to sell their apples will not benefit. million crates of apples per year. (Enter your response as an integer) OC. Total revenue for apple producers as a group will decrease from $198 million to $192 million OD. Both a and b OE All of the above Price 20 164 18 14- 12- 10- 6 24 4- 4- Supply Dand 12 16 20 24 28 32 36 40 Quantity initions of crates per year)