What Condition Is Necessary for a Price Ceiling to Have

question 75

Essay

What condition is necessary for a price ceiling to have an impact on a market? Describe at least three of the effects that a price ceiling can have on a market.Give a hypothetical numerical example to help support your answer.

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Definitions:

Lungs

The pair of respiratory organs in the chest of humans and many animals, responsible for the exchange of oxygen and carbon dioxide.

Prenatal Period

The developmental period before birth, spanning from conception to birth.

Blastocyst

An early stage in embryonic development characterized by a sphere of cells surrounding a fluid-filled cavity and a cluster of cells that will develop into the embryo.

Teratogen

An agent or factor that causes malformation of an embryo or fetus, including certain drugs, chemicals, and infections.