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If the government imposes a price floor on wheat at $5 and agrees to purchase any surpluses, how much will the government be forced to spend?

If the government imposes a price floor on wheat at $5 and agrees to purchase any surpluses, how much will the government be forced to spend?
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If the government imposes a price floor on wheat at $5 and agrees to purchase any surpluses, how much will the government be forced to spend?

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User Hfingler
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1 Answer

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The answer is that the government will be forced to spend $15,000,000.
government imposes a price floor on wheat at $5
there will be a surplus of $3,000,000
the government will be forced to spend = $5 x $3,000,000 = $15,000,000
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User Mitchelangelo
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