Question: When price goes up, quantity demanded goes down and quantity supplied goes up. What happens when companies set the wrong price? Listen to this story

When price goes up, quantity demanded goes down and quantity supplied goes up. What happens when companies set the wrong price? Listen to this story aboutChuck E Cheese's(http://freakonomics.com/podcast/chuck-e-cheeses-kid-can-learn-price-theory/, then answer the following questions.

1.What's the danger of setting a price too high?What's the danger of setting a price too low?

2.How did Chuck E Cheese's single price policy contribute to the problem?

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