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Concept of price ceiling in the turkey meat market

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Reference no: EM132648875

In view of high demand for turkey meat during the coming Christmas season, the government decides to mandate a price ceiling for turkey meat. The price ceiling policy is used to prevent some unethical sellers from exploiting consumers through charging excessive prices for the turkey meat during Christmas.

(i) Using an appropriate diagram, explain the concept of price ceiling in the turkey meat market.

(ii) Discuss any ONE (1) effect resulting from the price ceiling policy.

Reference no: EM132648875

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