1. The language of price controls

Suppose that, in a competitive market without government regulations, the equilibrium price of soft tacos is $6 each.

Complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding. Please answer this question.

Statement	Price Control	Binding or Not
Due to new regulations, tacquerias that would like to pay better wages in order to hire more workers are prohibited from doing so.	Price ceiling or Price floor
The government has instituted a legal minimum price of $4 each for soft tacos.	Price ceiling or Price floor
The government prohibits tacquerias from selling soft tacos for more than $4 each.	Price ceiling or Price floor

2. Price controls in the Florida orange market

The following graph shows the annual market for Michigan blueberries, which are sold in units of 50-pound boxes.

Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.

Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.