Scenario 6-2
Suppose demand for a product is given by the equation 
and supply for the product is given by the equation 
-Refer to Scenario 6-2. Suppose the government sets a price floor at $13 for this product. Initially, is this price floor binding? Suppose that for some reason demand were to decrease to 
Would the $13 price floor be binding after the shift in the demand curve? If so, what is the size of the resulting shortage/surplus?
Definitions:
Middle
Generally refers to an intermediate position or stage between two extremes, such as the middle of a process, area, or period.
Beginning
The point in time or space at which something starts.
End
The conclusion or final point of something, where it ceases to continue.
Recognition
The ability to match a piece of information or a stimulus to a stored image or fact.
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