The equilibrium price in the housing market is very high. What will happen if the government imposes a very high price ceiling that is below but very close to the equilibrium price on the housing market? How does that affect the poor and the market for housing? Are there any loses or gains?

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A: When the quantity demanded and the quantity supplied is equal this is known as equilibrium.

Q: What is meant by a price floor?

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Q: Does a price floor attempt to make a price higher or lower?

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