Question: Chapter 5 Define Price Ceiling and Price Floor with at least one example of each. You may receive 2 bonus points for each graphical explanation.

Chapter 5

  1. Define Price Ceiling and Price Floor with at least one example of each. You may receive 2 bonus points for each graphical explanation.
  2. "Both price ceilings and price floors cause inefficiency in the market". Explain with examples.

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