Use the data in the following table to explain the economic effects of a price floor at $8, at $9, and at $10.Explain the economic effects. 
Definitions:
Externalities
The cost or benefit that affects a party who did not choose to incur that cost or benefit, often not reflected in market prices.
Market Power
The ability of a firm or group of firms to influence the price and production levels of a product or service in the market.
Market Failure
A scenario where the distribution of goods and services by an unregulated market fails to be effective, frequently causing a decrease in overall social welfare.
Communist Countries
Nations where the government controls most forms of economic activity and property is commonly owned.
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