Explain the effect of government setting the price of wheat
a) below equilibrium with a price ceiling
b) above equilibrium with a price floor
Indicate what happens in the market for fried chicken wings if
a) the price of hamburgers increases
b) a disease develops that kills a large proportion of chickens
c) a new breed of chickens is developed with much faster growth
d) medical research shows that the new breed of chickens results in chicken wings with less cholesterol - yeah!
e) a direct subsidy on each chicken is given to farmers raising chicken