Price floors and price ceilings, although often inefficient, are an attempt by government to create equity or fairness in the market.

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Price floors and price ceilings are often put in place by government to regulate prices and protect consumers or suppliers. They can help create more equal market conditions and prevent certain groups from being exploited or marginalized. However, they can also have negative consequences such as a shortage of goods or services or a surplus of supply, leading to inefficiency.

Price Floors and Price Ceilings, Although Often Inefficient, Are an Attempt