Read the questions and instruction carefully. Show all necessary steps and reasonings that lead to your answers.

1.With the help of supply-demand diagrams, illustrate a binding and a non-binding price ceiling respectively . Label your diagrams carefully.

2.With the help of supply-demand diagrams, illustrate a binding and a non-binding price floor respectively . Label your diagrams carefully.

3.Is rent control a price ceiling or a price floor? 100 to 200 wrds, state and explain AT LEAST TWO cons and/or limitations ofrent controls.