According to a press release by the DTI, under Executive Order 124, the government imposed a 60-day price ceiling that limits (among others) the price of ... pork belly or liempo at P300 ... in Metro Manila markets. Recent data as of February 2021 shows that "a kilo of pork surged to as high as P400, around the same price of beef. Hog raisers said this was due to African swine fever (ASF), which hit the country back in September 2019. ... After the oversupply in 2020, the industry is now holding back supply amid increased demand, causing the rise in prices."

1) Is this price ceiling binding? What would be the effect of such legislation on the quantity of available pork in the market? Will there be a overproduction or underproduction? What is the effect on consumer surplus, producer surplus and total surplus? Explain briefly and show this (price control) in a graph.

2) Is this policy efficient? Is it fair or equitable? Explain. Who wins and who loses from this policy?