Question

impact of price ceiling and price floor

Answer 1

Price ceiling creates black market while price flooring creates buffer stock. 

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.