Question

explain difference between price ceiling and price floor ?

Answer 1

price ceiling is the allocation of highest price or quota. SO the price spent on say A amount of goods do not exceed the assigned value

Price flooring is the allocation of minimum price or quota. In this price are lowered to create more sale

Answer 2

Explanation:

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Answer: Budget Set: Budget set refers to the attainable combinations of a setof two goods, given prices of the goods and income of the consumer. ... Similarly, if income of the consumer remains unchanged, the budget linewill shift to the right when there is a proportionate fall in the prices of both goods X and Y.