Question: Price Quantity Supplied Quantity Demanded $160 60000 200,000 $200 90000 160,000 $240 120000 120,000 $280 150000 80,000 $320 180000 40,000 If the government intervened and

Price Quantity Supplied Quantity Demanded

$160 60000 200,000

$200 90000 160,000

$240 120000 120,000

$280 150000 80,000

$320 180000 40,000

  1. If the government intervened and stated that the price for the textbooks was to be set at

$160, would they be setting a price ceiling OR a price floor, so as to impact the market as

per the definition of what a price control is intended to do? Explain.

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