Assume equilibrium price is $10. If there is a price floor of $11, what will happen?

a.Consumer surplus will rise.

b.Producer surplus will rise.

c.Total surplus will rise.

d.None of the above.

Which of the following is true about minimum wages?

a.There will be a surplus of workers at the new wage.

b.The equilibrium quantity of workers will remain unchanged.

c.There will be a shortage of workers at the new wage.

d.None of the above.

Which of the following is true about rent control?

a.There will be a surplus of housing.

b.The equilibrium number of apartments will remain unchanged.

c.There will be a shortage of housing.

d.None of the above.