Suppose the total demand for wheat and the total supply of wheat per month in the Winnipeg grain market are as shown in the table below. Suppose that the government establishes a price ceiling of $3.70 for wheat. What might prompt the government to establish this price ceiling?Next, suppose that the government establishes a price floor of $4.60 for wheat. What will be the main effects of this price floor?(chapter 3)

Thousands of Bushels Demanded Price Thousands of Bushels Supplied

85 $3.40 71

80 $3.70 73

75 $4.00 75

70 $4.30 77

65 $4.60 79

60 $4.90 81