The following questions are about resource allocation in the presence of price ceilings and price floors. a.
Question:
a. A binding price ceiling leads to excess demand. What are some methods, other than price, of allocating the available supply?
b. A binding price floor leads to excess supply. How might the government deal with this excess supply?
c. Why might the government choose to implement a price ceiling?
d. Why might the government choose to implement a price floor?
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a With a binding price ceiling the excess demand means that consumers must somehow be rationed by me...View the full answer
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Related Book For 
Microeconomics
ISBN: 978-0321866349
14th canadian Edition
Authors: Christopher T.S. Ragan, Richard G Lipsey
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