Problem
A student makes the following argument: A price floor reduces the amount of a product that consumers buy because it keeps the price above the competitive market equilibrium. A price ceiling, though, increases the amount of a product that consumers buy because it keeps the price below the competitive market equilibrium. Do you agree with the student's reasoning? Use a demand and supply graph to illustrate your answer.
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.