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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:

Hint

Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172

Enter DNE for Does Not Exist, oo for Infinity

Equibrium Price is:

Hint

Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172

Enter DNE for Does Not Exist, oo for Infinity

Now suppose that the government imposes a **Price Floor ** equal to $4!

As a result of this new policy,

Quantity demanded is:

Hint

Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172

Enter DNE for Does Not Exist, oo for Infinity

Now suppose that the government imposes a **Price Floor ** equal to $4!

As a result of this new policy,

Quantity supplied is:

Hint

Enter DNE for Does Not Exist, oo for Infinity

As a result of this **Price Floor ** the market is experiencing

Hint

Box 1: Select the best answer

The amount of surplus/shortage equals to

Hint

Enter DNE for Does Not Exist, oo for Infinity