1) Which situation will MOST LIKELY result in a decrease in quantity demanded for Product X? A) The government imposes a price ceiling for product that is lower than
the equilibrium price.
B) The government imposes a price ceiling for Product X that is higher than
the equilibrium price.
C) The government imposes a price floor for Product that is lower than the
equilibrium price.
D) The government imposes a price floor for product that is higher than the
equilibrium price.

2) Which situation will MOST LIKELY result in a decrease in quantity supplied for Product X?
A)
The government imposes a price ceiling for Product X that is lower than
the equilibrium price.
B)
The government imposes a price ceiling for Product X that is higher than
the equilibrium price.
C)The government imposes a price floor for Product X that is lower than the
equilibrium price.
D)
The government imposes a price floor for Product X that is higher than the
equilibrium price.
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