Economy, asked by rajveer7311, 3 months ago

Distinguish between ‘price ceiling’ and ‘price floor’ with diagram.

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Answered by Anonymous

Answer:

Price ceilings prevent a price from rising above a certain level. ... Price floors prevent a price from falling below a certain level. When a price floor is set above the equilibrium price, quantity supplied will exceed quantity demanded, and excess supply or surpluses will result.

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