Price ceilings and price floors: how does quantity demanded react to artificial constraints on process._x000D_
a. Is a price ceiling set above or below the market price?_x000D_
b. Give an example of a price ceiling and discuss some disadvantages and advantages of this type of government intervention. _x000D_
An art museum raises its admission price and ends up with a decrease in its total revenue. How could you explain this situation to the museum director. _x000D_
Suppose Billy drinks two cups of coffee a day no matter what the price. What does this mean in terms of supply and demand equilibrium. _x000D_
What are the main determinants of equilibrium of demand and supply. Which is likely to have more of an impact on supply and therefore market equilibrium: the demand for orange juice or the demand for a particular brand of orange juice?

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