Question: 1.What is the difference between a price ceiling and a price floor? Compared to the competitive equilibrium price, where must price ceilings and price floors

1.What is the difference between a price ceiling and a price floor? Compared to the competitive equilibrium price, where must price ceilings and price floors be set to have an impact on the market.

2.Refer to the figure below and answer the questions that follow:

Compared to the competitive equilibrium price, where must price ceilings and price

Price (S) P L 0 World market Millions of apples per day Price (3) 4 6 8 10 Millions of apples per day

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