Seeing the huge demand for pens, the government decides to impose price controls on masks. Consider the following two scenarios for part a and for part b Suppose the government imposes a price ceiling at $1. Is it binding?  Show whether there shortageor surplus in the demand-supply diagram above.    How large is this surplus or shortage?    Please Briefly explain your answers to the above.    Now, Suppose the government imposes a price floor at $2. Is it binding?  Show whether there is a surplus or a shortage in the demand-supply diagram above.  How large is this surplus or shortage?  briefly explain your answers to the above

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