Problem
1. What is a deadweight loss? If the price elasticity of a good is large, would you expect the deadweight loss to be large or small?
2. When is a price ceiling nonbinding? When is a price floor nonbinding?
3. What is a quota? How does it differ from a price ceiling or a price floor?
4. What is crowding out? Why does it occur?
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.