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Requirement 1: Explain why it is important that prices are flexible in our economy? What are the implications if the government started to control prices

Requirement 1: Explain why it is important that prices are flexible in our economy? What are the implications if the government started to control prices for products, how would this influence buying?

Requirement 2: Define price ceiling and price floor and give an example of each. Which leads to a shortage? Which leads to a surplus? Why?

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