Describe the differences between an effective price ceiling and an effective price floor.

Module 4: Causes and Effects of Market Equilibrium on Price and Quantity Written Assignment Now that you have a better understanding of supply and demand this week, you will expand your knowledge as it pertains to changes in market equilibrium and the concepts of price ceilings and price floors. Locate a recent article or event (published within the last year) that highlights your selected macroeconomic topic. Use the Hunt Library, newspapers, new stations, or other credible sources to discuss how your topic aligns with macroeconomics. Include the following in your document. • State the article or event selected. • Identify the equilibrium price and quantity for your chosen country and/or international firm’s goods. • Describe the differences between an effective price ceiling and an effective price floor. • State whether your chosen country or international firm experiences a price ceiling or price floor and why. • Explain whether your firm has been able to reap the benefits from additional consumer surplus and why. • Identify the market equilibrium on price and quantity for your chosen country or international firm. • Analyze the relevance to real-life applications.