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Those who are helped by the minimum wage are the workers who are still employed and now receive the higher wage. In the diagram, those would be measured by the quantity of labor demanded at the minimum wage, q0. The minimum wage creates unemployment equal to the difference between the quantity of labor supplied and the quantity demanded at the minimum wage, q2-q0. The buyers of the labor (employers) are also worse off because they have to pay a higher wage for labor and, hence, hire a smaller quantity. 2.
a. Using the graph shown, analyze the effect a $300 price ceiling would have on the market
for ten-speed bicycles. Would this be a binding price ceiling?
b. Using the graph shown, analyze the effect a $700 price floor would have on this market for
ten-speed bicycles. Would this be a binding price floor?
c. Why would policymakers choose to impose a price ceiling or price floor?
a. A $300 price ceiling would cause a shortage of 4,000 bicycles. A price ceiling is binding if
it is set at any price below equilibrium price. Since the equilibrium price in this market is $500, this would be a binding price ceiling.
b. A $700 price floor would cause a surplus of 4,000 bicycles. A price floor is binding if it is
set at any price above equilibrium price. Since the equilibrium price in this market is $500, this would be a binding price floor.
c. More than one reason may exist for policymakers to impose a price ceiling or price floor in a
market. Often this is done in an attempt to increase equality; a price ceiling may be imposed if policymakers perceive the equilibrium price to be unfair to buyers, and a price floor may be imposed