Consider the market for some product X that is represented in the following demand-and-supply diagram.

For each of the legislated price controls listed in the next column, determine the price and quantity exchanged after imposition of the control, whether a shortage or surplus develops and, if so, how much.

a. A price floor at $7 per unit

b. A price floor at $11 per unit

c. A price ceiling at $7 per unit

d. ?price ceiling at $11 per unit

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17.00 15.00 13.00E 11.00 9.00 7.00 5.00 20 40 60 80 100 120 Quantity (units per day) Price