Refer to Figure 6-7. Suppose a price floor of $8 is imposed on this market. As a result,
a. Buyers' total expenditure on the good decreases by $20
b. The supply curve shifts to the left; quality sold is now 30 units and the price is $8
c. The quantity of the good demanded decreases by 10 units
d. The price of the good continues to serve to serve as the rationing mechanism
Answer: c. The quantity of the good demanded decreases by 10 units
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