1. Using an Edgeworth Box, explain why imposing a price ceiling on one good can lead to a socially inefficient outcome.
2. Using a separate diagram, show that it is possible for one person to be better off with the price ceiling than when there is a "competitive" price;
3. Using another diagram, show that it is not possible forbothconsumers to be better off because of the price ceiling compared to the case with no price ceiling.