Microeconomics

Learn the toughest concepts covered in Microeconomics with step-by-step video tutorials and practice problems by world-class tutors

Consumer and Producer Surplus; Price Ceilings and Floors

Price Ceilings, Price Floors, and Black Markets

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As I always say sometimes, "you can't go higher than the ceiling and you can't go lower than the floor."

1

concept

Price Ceilings

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2

example

Price Ceilings

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3
Problem

When the government imposes a binding price ceiling, it causes

4
Problem

A price ceiling will have no impact on a market if it is set

5
Problem

All of the following are problems associated with price ceilings except:

6

concept

Price Floors and Black Markets

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7

example

Price Floors

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8
Problem

Which of the following statements regarding the expected effects of a price control imposed on a competitive market is false?