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When the government imposes a binding price ceiling, it causes
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5. Consumer and Producer Surplus; Price Ceilings and Price Floors
Price Ceilings, Price Floors, and Black Markets
객관식
- What is the deadweight loss caused by a price ceiling?
A
The loss in producer surplus only, equal to the difference between equilibrium price and ceiling price times the quantity sold under the ceiling.
B
The increase in consumer surplus equal to the rectangle between the ceiling price and equilibrium price multiplied by the equilibrium quantity.
C
The revenue collected by the government equal to the price difference times the quantity sold under the ceiling.
D
The reduction in total surplus equal to the area of the triangle between the supply and demand curves from the market equilibrium quantity to the lower quantity transacted under the ceiling.
검증된 단계별 안내1
Step 1: Understand what a price ceiling is — it is a legally imposed maximum price that sellers can charge for a good or service, set below the market equilibrium price.
Step 2: Recognize that a price ceiling typically causes a shortage because the quantity demanded at the lower price exceeds the quantity supplied.
Step 3: Identify that deadweight loss (DWL) represents the loss of total surplus (consumer plus producer surplus) due to the inefficient quantity traded caused by the price ceiling.
Step 4: To calculate the deadweight loss, find the difference between the equilibrium quantity (where supply and demand intersect) and the quantity transacted under the price ceiling.
Step 5: The deadweight loss is the area of the triangle formed between the supply and demand curves from the reduced quantity to the equilibrium quantity, which can be calculated as \(\frac{1}{2} \times (\text{Equilibrium Quantity} - \text{Quantity under Ceiling}) \times (\text{Equilibrium Price} - \text{Ceiling Price})\).
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