Refer to the figure to answer the following two questions. 1) If...

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Refer to the figure to answer the following two questions.

1) If the government imposes a binding price floor of $175.00

in this market, what is the result?

    a. There will be a of units.

    b. The redistribution of surplus from consumers to the producer is equal to $

.

    c. The deadweight loss due to price floor is $ .

2) If the government imposes a binding price ceiling of $50.00 in this market, what is the result?

    a. There will be a of

units.

    b. The highest price that would be charged in a black market is $ .

    c. The deadweight loss due to price ceiling is $ .

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