{"id":226,"date":"2020-03-24T04:51:31","date_gmt":"2020-03-24T04:51:31","guid":{"rendered":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/chapter\/outcome-price-floors\/"},"modified":"2023-07-10T21:35:02","modified_gmt":"2023-07-10T21:35:02","slug":"outcome-price-floors","status":"publish","type":"chapter","link":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/chapter\/outcome-price-floors\/","title":{"raw":"Outcome: Price Floors","rendered":"Outcome: Price Floors"},"content":{"raw":"<h2>What you\u2019ll learn to do:&nbsp;analyze the consequences of the government setting a binding price floor<\/h2>\nIn this outcome, we will see what happens when a price floor forces prices above a minimum standard, such as a&nbsp;minimum wage. Watch this video about Edgar the Exploiter to understand how the minimum wage can both help and harm workers.\n\nhttps:\/\/youtu.be\/IFbYM2EDz40\n\nThe specific things you\u2019ll learn in this section include:\n<ul>\n\t<li>Identify the market\u2019s equilibrium price and quantity for a price floor<\/li>\n\t<li>Compute and graph the market surplus resulting from a price floor<\/li>\n\t<li>Explain the outcome of a binding price ceiling or price floor on the price and quantity of a product sold<\/li>\n<\/ul>\n<h3>LEARNING ACTIVITIES<\/h3>\nThe learning activities for this section include:\n<ul>\n\t<li>Reading: Price Floors<\/li>\n\t<li>Case in Point: Organic Foods<\/li>\n\t<li>Self Check: Price Floors<\/li>\n<\/ul>\nTake time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.","rendered":"<h2>What you\u2019ll learn to do:&nbsp;analyze the consequences of the government setting a binding price floor<\/h2>\n<p>In this outcome, we will see what happens when a price floor forces prices above a minimum standard, such as a&nbsp;minimum wage. Watch this video about Edgar the Exploiter to understand how the minimum wage can both help and harm workers.<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-1\" title=\"Edgar the Exploiter\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/IFbYM2EDz40?feature=oembed&#38;rel=0&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>The specific things you\u2019ll learn in this section include:<\/p>\n<ul>\n<li>Identify the market\u2019s equilibrium price and quantity for a price floor<\/li>\n<li>Compute and graph the market surplus resulting from a price floor<\/li>\n<li>Explain the outcome of a binding price ceiling or price floor on the price and quantity of a product sold<\/li>\n<\/ul>\n<h3>LEARNING ACTIVITIES<\/h3>\n<p>The learning activities for this section include:<\/p>\n<ul>\n<li>Reading: Price Floors<\/li>\n<li>Case in Point: Organic Foods<\/li>\n<li>Self Check: Price Floors<\/li>\n<\/ul>\n<p>Take time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.<\/p>\n","protected":false},"author":32,"menu_order":12,"template":"","meta":{"pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-226","chapter","type-chapter","status-publish","hentry"],"part":254,"_links":{"self":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/users\/32"}],"version-history":[{"count":1,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/226\/revisions"}],"predecessor-version":[{"id":227,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/226\/revisions\/227"}],"part":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/parts\/254"}],"metadata":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/226\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/media?parent=226"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapter-type?post=226"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/contributor?post=226"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/license?post=226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}