If a market is in a state of shortage, then:

"We must impose a price ceiling on pharmaceutical products in order to support the sick."

The above statement is something that a politician is likely to make.

What kind of good or service might deserve a price ceiling?

What kind of good or service might deserve a price floor?

"We must impose a price floor on bread to make sure all households can afford it."

The above statement is something that a politician is likely to make.

"We must impose a price floor on farming products in order to protect the family farms."

The above statement is something that a politician is likely to make.

What was the inflation rate between 2011 and 2012?

Answer: %

(Your answer must be accurate to within two significant digits.)

Hint: The inflation rate is the percentage change in the CPI.

According to the graph above, 2000 was used as the base year used for the calculation of the CPI.