f the government put a price floor of $ 11.75 $11.75 on both of the markets, which market would have a greater surplus or shortage? They would have the same size shortage. The market for cat food would have a bigger surplus. They would have the same size surplus. The market for cat food would have a bigger shortage. The market for snake oil would have a bigger surplus. There is not enough information to answer the question. The market for snake oil would have a bigger shortage.

Question

Business

Chan

26 August, 01:40

f the government put a price floor of $ 11.75 $11.75 on both of the markets, which market would have a greater surplus or shortage? They would have the same size shortage. The market for cat food would have a bigger surplus. They would have the same size surplus. The market for cat food would have a bigger shortage. The market for snake oil would have a bigger surplus. There is not enough information to answer the question. The market for snake oil would have a bigger shortage.

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Answers (1)

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Evelin Stevens · Answer 1

There is not enough information to answer the question

Explanation:

Indeed there isn't enough information to answer this question since it doesn't state details such as;

The initial quantity of supply, The initial price of price products

This information are necessary to determine how price floor laws imposed by governments affect the market of commodities.