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Why do price floors and price ceilings both reduce the quantity of goods traded in those markets? Can you think of an example of this phenomenon?

 

In a short (one or two paragraph, 250-400 word) post, please discuss the following prompt. Your answer should make substantial use of not only your text and class materials, but also any outside research you might have conducted during Lesson 1 of the course.

 
 
 
Why do price floors and price ceilings both reduce the quantity of goods traded in those markets?
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