Use the principles of market forces (demand and supply) to illustrate the distortions arise due to (i) administering a price floor and (ii) price ceiling in the market.  Hint:  first  explain  what  do  each  concept  mean,  why  are  they applied  and  how  do  they  create  distortions  in  the  market.   Are  there  any  unintended  consequences  due  to  the administration  of  price  floor or price ceiling?   You can use any product or service of your choice to illustrate your answer.(50marks). With Referencing

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Quantity demanded is the number of goods and services consumers are willing to purchase given a certain price If a price of an item is low then the quantity demanded for it is high holding constant ot... View the full answer