Assume the equilibrium price for cookies is $2 a package Suppose the government implements a price control of $3 in the market for cookies (2 pts ) If the price control is a price ceiling, was the ceiling effective If the price control is a price floor, was the floor effective

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Assume the equilibrium price for cookies is $2 a package. Suppose the government implements a price control of $3 in the market for cookies. (2

Assume the equilibrium price for cookies is $2 a package. Suppose the government implements a price control of $3 in the market for cookies. (2 pts.)
1. If the price control is a price ceiling, was the ceiling effective?

If the price control is a price floor, was the floor effective?

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