Assume the equilibrium price for cookies is $2 a package. Suppose the government implements a price control
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Question:
- Assume the equilibrium price for cookies is $2 a package. Suppose the government implements a price control of $3 in the market for cookies. (2 pts.)
- If the price control is a price ceiling, was the ceiling effective?
- If the price control is a price floor, was the floor effective?
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