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In: Economics

In your own words, explain the difference between price ceilings and price floors. Why would an...

  1. In your own words, explain the difference between price ceilings and price floors. Why would an economy use them? Who is hurt by each one and why? Who is helped by each one and why?
  2. Why would the government support price ceilings and price floors knowing that they are inefficient? What might they be trying to accomplish?

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Expert Solution

Rahul Sunny answered 2 weeks ago
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