Question: Write paragraph(s) that explains Give an example of government setting a price ceiling to help the consumers. Explain what will be the consequences in the
Write paragraph(s) that explains
"Give an example of government setting a price ceiling to help the consumers. Explain what will be the consequences in the short and long run. Look at the supply and demand for the product or service, explain if the price set is below or above the initial equilibrium, how will the demand change, how will the supply change. Will there be a surplus of shortage of the product? How will the government manage this situation? What will be the ultimate costs and benefits to individual consumers, suppliers and society in general."
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