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

Week Four Homework

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.

"Both price ceilings and price floors cause inefficiency in the market". Explain with examples.

Chapter 19

What are the three main causes of shift of factor demand curve? Explain with examples.

Define Labor Unions and Monopsony. How do these factor markets for labor exert market power in different ways? Explain with examples.

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