A price support $($price floor$)$

$($a$)$ is a legally established maximum price.

$($b$)$ generally results in a surplus.

$($c$)$ generally results in a shortage.

$($d$)$ can cause the quantity demanded to exceed the quantity supplied.

$($e$)$ tends to discourage production but encourage consumption.

Suppose that a minimum wage is instituted at a level above the equilibrium wage rate. It is likely that

$($a$)$ more workers will be employed than would have been employed at the equilibrium wage.

$($b$)$ fewer workers will be employed than would have been employed at the equilibrium wage.

$($c$)$ the same number of workers will be employed as at the equilibrium wage.

$($d$)$ there will be an increase in the demand for labor.

$($e$)$ there will be a decrease in the demand for labor.

If there is a reduction in the supply of turkeys, the price of turkeys

$($a$)$ will fall, because there will be a shortage at the initial price.

$($b$)$ will fall, because there will be a surplus at the initial price.

$($c$)$ will rise, because there will be a shortage at the initial price.

$($d$)$ will rise, because there will be a surplus at the initial price.

$($e$)$ may either rise or fall, but the equilibrium quantity of turkeys will fall.

If additional farmers enter the leather$-$producing industry, the result will be

$($a$)$ lower prices but a higher equilibrium quantity.

$($b$)$ higher prices but a lower equilibrium quantity.

$($c$)$ lower prices but the same equilibrium quantity.

$($d$)$ lower prices and a lower equilibrium quantity.