The graph below shows the supply and demand curves for beer. Suppose that the government imposes a Price Floor equal to $6.
Graphing window shows horizontal axis: 0 to 13, vertical axis: 0 to 13. Start Graph, Color red
| x | y |
|---|
| 0 | 6 |
| 1 | 7 |
| 2 | 8 |
| 3 | 9 |
| 4 | 10 |
| 5 | 11 |
| 6 | 12 |
| 7 | 13 |
| 8 | 14 |
| 9 | 15 |
| 10 | 16 |
| 11 | 17 |
| 12 | 18 |
| 13 | 19 |
Start Graph, Color blue
| x | y |
|---|
| 0 | 10 |
| 1 | 9 |
| 2 | 8 |
| 3 | 7 |
| 4 | 6 |
| 5 | 5 |
| 6 | 4 |
| 7 | 3 |
| 8 | 2 |
| 9 | 1 |
| 10 | 0 |
| 11 | -1 |
| 12 | -2 |
| 13 | -3 |
Start Graph, Color black
| x | y |
|---|
| 0 | 6 |
| 1 | 6 |
| 2 | 6 |
| 3 | 6 |
| 4 | 6 |
| 5 | 6 |
| 6 | 6 |
| 7 | 6 |
| 8 | 6 |
| 9 | 6 |
| 10 | 6 |
| 11 | 6 |
| 12 | 6 |
| 13 | 6 |
Label "Quantity of beer" at pixel coordinates (175,0).Label "Price of beer" at pixel coordinates (0,170).Label "Demand" at (1,10+1). Label "Supply" at ((13-6)/ 1,11). Label "Price Floor" at (11,6).
Will this result in a binding or non-binding Price Floor?
Hint