Question 2: Price Floors Use the tools of economic analysis to evaluate the following statement: "Higher wages help everybody. Workers are helped because they can now purchase more of the things they need. Business is helped because the increase in workers' purchasing power will increase the demand for products. Taxpayers are helped because workers will now pay more taxes. Union activities and legislation mandating a higher minimum wage will promote еcоnотіс prоgress.

For the next two, draw a little graph to show your work and fill in each of the blanks correctly with one of the following words: increase, decrease, demand or supply.   Product: Jelly Headline/Situation: Peanut Butter price goes up   a(n) ____________ in ____________; ___________  in eq. price & __________ in eq. quantity. Product: Automobiles Headline/Situation: Auto workers union goes on strike   a(n) ____________ in ____________; ___________  in eq. price & __________ in eq. quantity.

Question 24 (1 point) Which of these is an example of a price floor? an equilibrium price a minimum wage law a law setting the highest price that can legally be charged for toilet paper. a law setting the maximum price that can be charged equal to the marginal cost. none of these choices.

Sample Price Control Quiz MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Table 4-3 Hourly Wage (dollars) $13.00 13,50 14.00 14.50 15.00 15.50 B) 370,000 Quantity of Labor Supplied 350,000 Name 360,000 370,000 380,000 390,000 400,000 . Quantity of Labor Demanded 390,000 380,000 370,000 360,000 Table 4-3 shows the demand and supply schedules for the low-skilled labor market in the city of Westover. 1) Refer to Table 4-3. If a minimum wage of $15.00 an hour is mandated, what is the quantity of labor demanded? A) 380,000 D) 10,000 350,000 340,000 C360,000 2) Refer to table 4-3. If the maximum wage is $13.50, the market is experiencing a and this is an example of a price A) Surplus, floor B) Surplus, ceiling Shortage, ceiling D) Shortage, floor 3) Refer to Table 4-3. If a minimum wage of $14.50 is mandated by the government there will be a A) shortage of 10,000 units of labor. C) surplus of 20,000 units of labor. B) shortage of 20,000…

Trying to see what I misunderstood with this questions. Thank you!

Consider the change in market conditions in each of the given scenarios. Use the graphs to illustrate whether the changing market conditions will result in a change in supply or quantity supplied. If the change in market conditions results in a change in supply, shift the supply curve appropriately, but leave the price line unchanged. If the change in market conditions results in a change in quantity supplied, adjust the price line appropriately, but leave the supply curve unchanged. a. An increase in the price of corn used in the production of ethanol reduces the amount of corn available for use as livestock feed. Price Supply of corn available for livestock feed Quantity Price Supply