1) Give an example of 1 inferior and 1 normal good and in a few words explain why the good is inferior or normal? Give an example of 2 substitute goods and 2 complement goods. In a few words, explain why the goods are complements or substitute. 

2) Name 3 ways price ceilings can lead to inefficiencies and give an example for 1 of them. Name 3 ways price floors can lead to inefficiencies and give an example for one of them

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Inferior Good An example of an inferior good is a lowquality television It is considered inferior because it lacks desirable features and durability c... View the full answer