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1. Explain why governments impose price ceilings, and describe examples of price ceilings, including food price controls and rent controls.

2. Draw a diagram to show a price ceiling and analyze the impacts of a price ceiling on market outcomes.

3. Examine the possible consequences of a price ceiling, including shortages, inefficient resource allocation, welfare impacts, underground parallel markets, and non-price rationing mechanisms.

4. Discuss the consequences of imposing a price ceiling on the stakeholders in a market, including consumers, producers and the government.

5. Explain why governments impose price floors, and describe examples of price floors, including price support for agricultural products, and minimum wages.

6. Draw a diagram of a price floor, and analyze the impacts of a price floor on market outcomes.

7. Examine the possible consequences of a price floor, including surpluses and government measures to dispose of the surpluses, inefficient resource allocation and welfare impacts.

8. Discuss the consequences of imposing a price floor on the stakeholders in a market, including consumers, producers and the government.

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D36 DWL of price floor and price ceiling.pdf

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This video is very thoughtful and looks at the impact of minimum wage (a form of price control) on both employers and employees. The focal point is Seattle's minimum wage.

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The Value of Work - Film - WE THE ECONOMY

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Why is minimum wage important? In 2013, Seattle became ground zero for the heated national debate about increasing the minimum wage to $15-an-hour. Steve James' short film THE VALUE OF WORK gives voice to supporters and the opponents, including the mayor, an activist city councilwoman, small business owners, and minimum wage workers affected by the unprecedented legislation.