1. During emergencies, it is generally illegal to significantly raise prices ("price gouging"). What do you expect a binding price ceiling to do in the market for toilet paper?

It would cause extremely high demands and cause toilet paper to run out quickly.

2. Can you think of an example where we have imposed a price floor? What are the possible consequences of the price floor in that scenario?

Covid-19 face mask, it is supposed to be cheap, but some sellers took advantage to make it more expensive than their average price, which could cause some people to not buy it or go to an alternative cheaper version of the mask.

Listen to the Planet Money episode: "Blood Money" for the following questions. https://www.npr.org/2021/05/14/996921658/blood-money

3. What initially went wrong with buying blood plasma internationally? Who were the victims in this exchange?

The blood plasma killed some people or caused them to have health issues because the donors were a mix of alcoholics and the very poor.

The victims are those who received the blood plasma.

4. In what way is the United States different from most countries when it comes to blood plasma?

How it is different is that the United States allows companies to pay for plasma, and most other countries do not.

5. What are the main downsides of prohibiting plasma sales?

Less money produced, fewer donors, and people would be poorer (people get their income from any plasma location, they give between $20 to $50).

6. What is the best argument against allowing plasma sales? Do you think plasma sales should be allowed?

The donors could be received from the poor, sick, alcoholic person and given to the person that needs the plasma, who would unknowingly get health issues or could die. People are relying on plasma centers to the point where they would always go twice every week just for the money.

This feels subjective since this is where people get their income from, but at the same time, there are way better options than being a blood plasma donor.