1. Give an example of a price ceiling and an example of a price floor.

2. Which causes a shortage of a gooda price ceiling or a price floor? Justify your answer with a graph.

4. Explain why economists usually oppose controls on prices.

1. Lovers of classical music persuade Congress to impose a price ceiling of $40 per concert ticket. As a result of this policy, do more or fewer people attend classical music concerts? Explain.