The following graph represents the market for wheat. The equilibrium price is $20 per bushel and the equilibrium quantity is 14 million bushels.
a. Explain what will happen if the government establishes a price ceiling of $10 per bushel of wheat in this market? What if the price ceiling was set at $30?
b. Explain what will happen if the government establishes a price floor of $30 per bushel of wheat in this market. What if the price floor was set at $10?
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