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f) Now the Thain of the Shire hears loud complaints from Farmer Maggot, Tobold Hornblower and other pipeweed growers that they are about to go
f) Now the Thain of the Shire hears loud complaints from Farmer Maggot, Tobold Hornblower and other pipeweed growers that they are about to go bankrupt because of low pipeweed prices so he places a price floor on pipeweed above the equilibrium price. Draw the pipeweed market showing market price, equilibrium price, quantity demanded and quantity supplied. What results from the price ceiling? How much is actually exchanged in the market
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