Business, 27.02.2020 02:28 mzbugsbunny3029

Consider the market for hamburgers. Suppose that, in a competitive market without government regulations, the equilibrium price of hamburgers is $5 each, and employees at fast-food restaurants earn $21.50 per hour.

Indicate whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market.

(a) There are many teenagers who would like to work at fast-food restaurants, but the minimum-wage law sets the hourly wage at $21.50.

(b) The government has instituted a legal minimum price of $5 each for hamburgers.

(c) The government prohibits fast-food restaurants from selling hamburgers for more than $8 each.

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Consider the market for hamburgers. Suppose that, in a competitive market without government regulat...