In the trade for public transportation, once the price floor is $0.75, there is no quantity exchanged.
A market is any framework that enables sellers and purchasers to trade any kind of commodities, services, or information, according to mainstream economic theory. A transaction is any exchange of goods, whether it involves payment or not.
The requisite price is the floor price.
In the above table Equilibrium price is $1.25where quantity demanded = quantity supplied = 86,000.
Price floor =$0.75 , where quantity demanded = 100,000
Quantity supplied=65,000.
At the ceiling price($0.75) , which is below equilibrium price, quantity demanded > quantity supplied.
Surplus arises when quantity supplied > quantity demanded.
So at price floor of $ 0.75 there will be no surplus. Rather there will be shortage.
Thus, this limit price will continue to be useless.
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