Requirement 1: Explain why it is important that prices are flexible in our economy? What are the implications if the government started to control prices for products, how would this influence buying? Requirement 2: Define price ceiling and price floor and give an example of each. Which leads to a shortage? Which leads to a surplus? Why?You may not use any quoted material even if sources are cited. Please make sure all posts are written entirely in your own words.
Explanation & Answer:
Price Floor Discussion
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