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The graph below shows the supply and demand curves for bagels.

First consider a situation without any government interventions and no price controls. In that case,

Equilibrium Quantity is:

 

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Equibrium Price is:

 

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Now suppose that the government imposes a Price Floor equal to $8!

As a result of this new policy,

Quantity demanded is:

 

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Now suppose that the government imposes a Price Floor equal to $8!

As a result of this new policy,

Quantity supplied is:

 

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As a result of this Price Floor the market is experiencing

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The amount of surplus/shortage equals to

 

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