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1. What is a price ceiling? What does a price ceiling do to quantity demanded, quantity supplied, market quantity, consumer surplus, producer surplus and deadweight loss?

2. What will happen to price and quantity if an effective price ceiling is lifted?

3. What is a price floor? What does a price floor do to quantity demanded, quantity supplied, market quantity, consumer surplus, producer surplus and deadweight loss?

4. What will happen to price and quantity if an effective price floor is removed?

5. Who gains and who loses when a price control is put in place?

6. Why do politicians often choose to put price controls in place despite the shortcomings of price controls?

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A Price Control occurs when the government feels the current equilibrium price is unfair and intervenes and adjusts the market price. A maximum price or price ceiling is basically when the government believes the price is too high and sets a maximum price that producers can charge, this lies below the equilibrium price.

Price ceilings often cause shortages. For examples: In agriculture, medicine and education many governments set maximum prices to make the goods or services more affordable.

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Price Control - Price Ceiling | Intelligent Economist

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A Price Control occurs when the government feels the current equilibrium price is unfair and intervenes and adjusts the market price. A maximum price or price ceiling is basically when the government believes the price is too high and sets a maximum price that producers can charge, this lies below the equilibrium price.

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Episode 15: Price Floors and Price Ceilings

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What happens when the government interferes with the market mechanism by artificially imposing a "better" price? "Episode 15: Price Floors and Price Ceilings" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License.

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Honors Unit 2 Lesson 4 - Price Controls Flashcards | Quizlet

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Start studying Honors Unit 2 Lesson 4 - Price Controls. Learn vocabulary, terms, and more with flashcards, games, and other study tools.