1differentiate between a price ceiling and a price floor

Reference no: EM13378343

1.Differentiate between a price ceiling and a price floor (your answer should include the intentions and actions of buyers and sellers under both scenarios).
2.What action does government sometimes take to prevent a fall in prices when a price floor is instituted?
3.Explain what is meant by the phrase "price functions as a rationer".

Reference no: EM13378343

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