Question: Consider the market for some product X that is represented in the demand-and-supply diagram. a. Suppose the government decides to impose a price floor at

Consider the market for some product X that is represented in the demand-and-supply diagram.

a. Suppose the government decides to impose a price floor at p1. Describe how this affects price, quantity, and market efficiency.
b. Suppose the government decides to impose a price floor at p2- Describe how this affects price, quantity, and market efficiency.
c. Suppose the government decides to impose a price ceiling at p1. Describe how this affects price, quantity, and market efficiency.
d. Suppose the government decides to impose a price ceiling at p2. Describe how this affects price, quantity, and market efficiency.

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