Chapter 6: Price Ceiling and Price Floor
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price floor
_______________ helps the firms so they get income
shortage
a binding price ceiling creates
surplus
a binding price floor creates
price ceiling
a legal maximum on the price imposed by government at which a good can be sold
price floor
a legal minimum on the price at which a good can be sold
below the equilibrium price
for a price ceiling to be a binding constraint on the market, the government must set it.........
not binding
if price floor < P* it is
binding
if price floor is > P* it is
rent controls
price ceiling example
the buyer from higher prices
price ceiling protects who from what
minimum wage
price floor example
binding
what is the impact on market outcome called