Illustrate the impact of a price support measure imposed by the government on the market of a commodity under the following conditions:
(i) When the price floor is fixed at a price lower than the equilibrium price.
(ii)When the price floor is fixed at a price equal to the equilibrium price.
In the context of microeconomics, a price support measure, typically a price floor, is a government intervention to ensure that the price of a commodity does not fall below a certain level. The effects of such a measure depend on the relationship between the price floor and the equilibrium price in the ____ _________ _________ ____ ____ ____ ___.
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