Price ($) 1200 1100 1000 900 800 700 600 500 400 300 200 100 0 0 T 1 100 E T 1 E 200 Market for product X 1 300 400 500

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Price 1200 1100 1000 900 800 700 600 500 400 300 200 100 0 0 T 1 100 E T 1 E 200 Market For Product X 1 300 400 500 1 (61.89 KiB) Viewed 39 times

Price ($) 1200 1100 1000 900 800 700 600 500 400 300 200 100 0 0 T 1 100 E T 1 E 200 Market for product X 1 300 400 500 S D 600 Quantity Use graph above to help you answer questions a-d. a) Choose a "price floor" that would impact the market shown above. b) Describe two effects that a price floor can have on the market. c) What is producer's surplus at 100th unit of output. d) Describe a good or a service that might rationalize imposition of a price floor for. Briefly explain why you chose that good or service.