If the government guarantees sugar farmers a price of $1 per pound when the market equilibrium price is actually $0.50 per pound, which of the following will occur? a) A shortage of sugar will occur, increasing inefficiency.

b) A shortage of sugar will occur, decreasing inefficiency.

c) A surplus of sugar will occur, increasing inefficiency.

d) A surplus of sugar will occur, decreasing inefficiency.

C

Explanation:

A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.

the price per pound of sugar is above equilibrium price, as a result the supply of sugar would increase while the demand for sugar would decrease. this would lead to a surplus. because at $1, supply would exceed demand, there would be an increase in inefficiency

the answer is 10c + 6b = 32

step-by-step explanation:

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