a. What are the market inefficiencies the price controls measures such as price ceilings and price floors create?

| December 7, 2018

a. What are the market inefficiencies the price controls measures such as price ceilings and price floors create? Why do price ceilings and price floors lead to productive and allocative (marketing) inefficiency?
b. Who benefits and who loses from government interventions in markets through price control methods known as price ceilings and price floors? Why price controls are used despite their well-known problems?

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