{"id":4434,"date":"2015-12-05T06:57:39","date_gmt":"2015-12-05T06:57:39","guid":{"rendered":"https:\/\/courses.candelalearning.com\/microxwaymakerxspring2016\/?post_type=chapter&#038;p=4434"},"modified":"2016-06-20T23:55:38","modified_gmt":"2016-06-20T23:55:38","slug":"outcome-price-floors","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/chapter\/outcome-price-floors\/","title":{"raw":"Outcome: Price Floors","rendered":"Outcome: Price Floors"},"content":{"raw":"<h2>What you\u2019ll learn to do:\u00a0analyze the consequences of the government setting a binding price floor<\/h2>\r\nIn this outcome, we will see what happens when a price floor forces prices above a minimum standard, such as a\u00a0minimum wage. Watch this video about Edgar the Exploiter to understand how the minimum wage can both help and harm workers.\r\n\r\nhttps:\/\/youtu.be\/IFbYM2EDz40\r\n\r\nThe specific things you\u2019ll learn in this section include:\r\n<ul>\r\n\t<li>Identify the market\u2019s equilibrium price and quantity for a price floor<\/li>\r\n\t<li>Compute and graph the market surplus resulting from a price floor<\/li>\r\n\t<li>Explain the outcome of a binding price ceiling or price floor on the price and quantity of a product sold<\/li>\r\n<\/ul>\r\n<h3>LEARNING ACTIVITIES<\/h3>\r\nThe learning activities for this section include:\r\n<ul>\r\n\t<li>Reading: Price Floors<\/li>\r\n\t<li>Case in Point: Organic Foods<\/li>\r\n\t<li>Self Check: Price Floors<\/li>\r\n<\/ul>\r\nTake time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.","rendered":"<h2>What you\u2019ll learn to do:\u00a0analyze the consequences of the government setting a binding price floor<\/h2>\n<p>In this outcome, we will see what happens when a price floor forces prices above a minimum standard, such as a\u00a0minimum wage. Watch this video about Edgar the Exploiter to understand how the minimum wage can both help and harm workers.<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-1\" title=\"Edgar the Exploiter\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/IFbYM2EDz40?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>The specific things you\u2019ll learn in this section include:<\/p>\n<ul>\n<li>Identify the market\u2019s equilibrium price and quantity for a price floor<\/li>\n<li>Compute and graph the market surplus resulting from a price floor<\/li>\n<li>Explain the outcome of a binding price ceiling or price floor on the price and quantity of a product sold<\/li>\n<\/ul>\n<h3>LEARNING ACTIVITIES<\/h3>\n<p>The learning activities for this section include:<\/p>\n<ul>\n<li>Reading: Price Floors<\/li>\n<li>Case in Point: Organic Foods<\/li>\n<li>Self Check: Price Floors<\/li>\n<\/ul>\n<p>Take time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.<\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-4434\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li><strong>Authored by<\/strong>: Steven Greenlaw and Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Edgar the Exploiter. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=IFbYM2EDz40\">https:\/\/www.youtube.com\/watch?v=IFbYM2EDz40<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":3,"menu_order":4,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"\",\"author\":\"Steven Greenlaw and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Edgar the Exploiter\",\"author\":\"\",\"organization\":\"\",\"url\":\"https:\/\/www.youtube.com\/watch?v=IFbYM2EDz40\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"97829bfc-99c4-45d2-b918-fab31036d6fe","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-4434","chapter","type-chapter","status-publish","hentry"],"part":4427,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/4434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/users\/3"}],"version-history":[{"count":2,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/4434\/revisions"}],"predecessor-version":[{"id":4772,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/4434\/revisions\/4772"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/parts\/4427"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/4434\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/media?parent=4434"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=4434"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/contributor?post=4434"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/license?post=4434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}