Solution-What is a price ceiling, How does a demand shift

What is a price ceiling

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1. How does a demand shift affect consumer and producer surplus in a given market? Consider both inward and outward shifts of the demand curve.

2. What is a price ceiling? Why does a price ceiling create excess demand for (shortage of) a good?

3. What is a price floor? Why does a price floor create an excess supply of (surplus of) a good?

Reference no: EM131403876

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What is a price ceiling

Reference no: EM131403876

Reference no: EM131403876

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