20

Topic B Problem: Suppose you are doing research on food in your history class. In one ancient civilization, you have information on the amount of food sold but not information about food prices. You find a document showing that the ruler in this ancient civilization created a law on prices in the year 546, but you don't know if the law was for a price floor or a price ceiling. However, your research shows that the quantity of food bought and sold in markets fell and that the law on prices was unpopular with both potential buyers and potential sellers. Can you tell if the law created a price floor or ceiling with the information provided? Provide a real-world example of a binding price ceiling or floor and discuss its impact on the price and quantity sold. In the evaluation stage, you will be evaluating topic A videos