The government sometimes imposes aPRICE FLOORon some goods and services in a specific market.

a) Give one specific real-life example.

b) Does a price floor create SHORTAGE or a SURPLUS in the market?

c) Also, give one reason for the government to impose such a price floor in a market. Explain why.

d) Also, mention two (02) problems that a price floor creates in a market. List them clearly (1, and 2). Explain. (10 POINTS)