$$\begin{array} { | c c c }
\hline { \text { Fimure 4-3 } } \
\hline \text { Price } & \text { Quartity } & \text { Quartity } \
\text { Per Pair } & \text { Demarded } & \text { Supplied } \
\hline \$ 2 & 18 & 3 \
\$ 4 & 14 & 4 \
\$ 6 & 10 & 5 \
\$ 8 & 6 & 6 \
\$ 10 & 2 & 8 \
\hline
\end{array}$$
-Figure 4-3 shows the supply and demand for socks.If a price floor of $10 is imposed,the quantity of socks actually purchased will be
A) 6 pairs
B) 10 pairs
C) 2 pairs
D) 8 pairs
E) 1 pair

Question

$$\begin{array} { | c c c } 
\hline { \text { Fimure 4-3 } } \
\hline \text { Price } & \text { Quartity } & \text { Quartity } \
\text { Per Pair } & \text { Demarded } & \text { Supplied } \
\hline \$ 2 & 18 & 3 \
\$ 4 & 14 & 4 \
\$ 6 & 10 & 5 \
\$ 8 & 6 & 6 \
\$ 10 & 2 & 8 \
\hline
\end{array}$$
-Figure 4-3 shows the supply and demand for socks.If a price floor of $10 is imposed,the quantity of socks actually purchased will be
A) 6 pairs
B) 10 pairs
C) 2 pairs
D) 8 pairs
E) 1 pair

Quizplus · Accepted Answer

With a price floor of $10, only 2 pairs of socks will be demanded, but the suppliers are willing to supply 8 pairs. This creates a surplus of 6 pairs of socks, which means that only 2 pairs will actually be purchased.

-Figure 4-3 Shows the Supply and Demand for Socks