Part $1.$ Multiple Choices $(1\mathrm{.}5$ each$)$

According to the graph, a binding price floor would exist at a price of

a$.$ $$8\mathrm{.}00.$

b$.$ $$6\mathrm{.}00.$

c$.$ $$5\mathrm{.}00.$

d$.$ It could exist at any price above $$6\mathrm{.}00.$

According to the graph, if trade in shoes is allowed in Korea,

a$.$ consumer surplus will increase and producer surplus will decrease.

b$.$ consumer surplus will decrease and producer surplus will increase.

c$.$ consumer surplus and producer surplus will increase.

d$.$ consumer surplus and producer surplus will be unaffected.