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I would like assistance with the following questions please and thank you. 1. fill in the blanks. a. A binding price floor is _____ the

I would like assistance with the following questions please and thank you.

1. fill in the blanks.

a. A binding price floor is _____ the free-market equilibrium price.

b. A binding price ceiling is _____ the free-market equilibrium price.

c. Starting from a free-market equilibrium, a binding price ceiling leads to excess ____ and a(n) ____

in the quantity exchanged.

d. With a binding price ceiling, the price is not allowed to ____ to allocate the available supply.

e. Starting from a free-market equilibrium, a binding price floor leads to excess _____ and a(n) ___

in the quantity exchanged.

f. With a binding price floor, the price is not allowed to ______ to eliminate the excess. Often the government steps in to _____ the excess.

g. & h. In markets for agricultural products, the government often imposes a price _____ in an effort to protect producers. In markets for products such as housing or gasoline, the government often imposes a price _____ in an effort to protect consumers.

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