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price ceiling or a price floor

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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?

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Solution Summary

This job exposes what happens to quantity sold when a price ceiling or a price floor is imposed.

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(See attached file for graphical display and further explanation)

If a price floor is imposed in a market, ...

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