This solution shows graphically what happens to quantity sold when a price ceiling or a price floor is imposed. If price is fixed artificially above or below the natural equilibrium, will there be excess or not enough of a good?© BrainMass Inc. brainmass.com October 9, 2019, 5:12 pm ad1c9bdddf
(See attached file for graphical display and further explanation)
If a price floor is imposed in a market, ...
This job exposes what happens to quantity sold when a price ceiling or a price floor is imposed.