(Solved): Because of their downsides mentioned in the previous question, price ceilings and price floors are ...

Because of their downsides mentioned in the previous question, price ceilings and price floors are rarely used today. But in some cases, their downsides can be quite small. These are the best circumstances in which to use a price ceiling or a price floor. When does this happen? a. When supply and demand are both elastic. b. When supply is inelastic and demand is elastic. c. When supply is elastic and demand is inelastic. d. When supply and demand are both inelastic;