QUESTION 1 (20 marks) a) Read the short article below and answer the questions that follow. This article is ctional. A government ofcial, Mr Rudy suggested a way to lower the price of petrol. His View is that government should cap how much companies can raise the price of petrol. The ofcial proposed a bill that called for the price of petrol to be capped for one year. The official wanted to help struggling businesses and families because of the recent recession. Another official, Ms Ellie, who opposed the idea said that people would need to start buying bicycles if the new law is passed. i) Does Mr Rudy's cap constitute a price ceiling or a price floor? Why do you say that? (3 marks) ii) Why does Ms Ellie think people will need bicycles if the new law is passed? Explain your answer clearly