The graph above shows the demand and supply of honey. The government imposes a price floor of $12.00 per unit of honey.Determine the quantity supplied.

Question

BlackTom AI · Accepted Answer

Restate the scenario in my own words to set up what’s being asked: the graph shows the honey market with a demand curve (downward sloping) and a supply curve (upward sloping). A price floor of $12 is imposed by the government, and the question asks for the quantity that producers would supply at that price.

Step 1: Identify the price floor on the graph. The price floor is a horizontal line at $12. This line represents the minimum price that can be charged for honey.

Step 2: Locate the supply schedule at the price floor. To determine quantity supplied, follow the price floor line horizontally until it intersects the supply curve (the red upward-sloping curve). Where this horizontal line at $12 meets the supply curve tells you the quantity that producers are willing and able to supply at that price.

Step 3: Read the corresponding quantity from the x-axis at the intersection point. On this graph, the intersection occurs at a quantity around 50 units. This means that at a price of $12, producers are supplying about 50 units of honey.

Step 4: Consider potential pitfalls or alternative interpretations. Since the price floor is above the market’s equilibrium price, the quantity supplied (50 units) will be greater than the quantity demanded at $12, creating a surplus. However, the question is specifically asking for the quantity supplied, not the size of the surplus or the quantity demanded.

Step 5: Why other options (if any) would be incorrect in this context. If an option suggested a lower quantity, it would imply reading the intersection at a price lower than $12 or misreading the supply curve’s slope. If an option suggested a higher quantity, it would require a reading of the supply intersection at a price significantly above $12, which does not align with the drawn supply curve and the fixed price floor.

Step 6: Synthesize the result into a concise takeaway. At a price floor of $12, the quantity supplied is determined by where the supply curve meets the horizontal line at $12, which the graph shows to be approximately 50 units.

The graph above shows the demand and supply of honey. The government imposes a price floor of $12.00 per unit of honey.Determine the quantity supplied.

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