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During the height of the Covid 19 pandemic, the demand for commodities such as dairy products and crude oil was reduced to the point at which the price is significantly below the market equilibrium price experienced before the pandemic. This has resulted in several governors calling for the initiation of federal price controls on these products.
1. Which type of price control would be most effective in dealing with this occurrence? Why?
2. Explain one advantage and disadvantage associated with the use of your chosen price control.
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