Problem
Giving in to pressure from voters who claim that local theatre owners are gouging their customers with ticket prices as high as $10 per movie, the city council of a local municipality imposes a price ceiling of $2 on all movies. What effect is this likely to have on the market for movies in this particular city? What will happen to the quantity of tickets demanded? What will happen to the quantity supplied? Who gains? Who loses?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.