Consider the market for gasoline-statement price control

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Consider the market for gasoline. Suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon, and employees at gas stations earn $20.50 per hour. 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 results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. Statement Price Control Effect The government prohibits gas stations from selling gasoline for more than $2.50 per gallon. The government has instituted a legal minimum price of $3.40 per gallon for gasoline. There are many teenagers who would

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