11. In the supply and demand schedules for socks shown here, if a price floor of $10 is imposed by the government, there will be a a. surplus of socks equal to 8 pairs. b. shortage of socks equal to 16 pairs. c. surplus of socks equal to 6 pairs. d. market clearing quantity of 6 pairs of socks exchanged.12. When the minimum wage is set above the equilibrium market wage, a. there will be an excess demand for labor at the minimum wage. b. it will have no effect on the quantity of labor employed. c. the unemployment rate will rise. d. the quality of the labor force will rise.13. If the government imposes a binding price floor on sugar, it may also have to a. establish programs to expand supply in the private sector. b. establish programs to reduce demand in the private sector. c. produce some sugar itself. d. purchase the surplus sugar.14. Consider this diagram, which shows the market for wheat. A price floor of $2.00 per bushel is a. binding and will generate a surplus of 100 bushels. b. not binding and will generate a shortage of 100 bushels. c. binding and will generate an equilibrium in this market. d. not binding.
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