Price Ceiling + Price Floor
- Equilibrium:
-The point at which the supply curve & demand curve intersect - Excess Demand:
-Quantity demanded is greater than quantity supplied -> shortage
-Consumers cannot get enough quantities they deserve
- Price Ceiling:
-occurs when the gov puts a legal limit on how the price of a product can be
-ex) Rent Control - Excess Supply:
-Occurs when Quantity supplied is greater than quantity demanded -> surplus
- Surplus:
-Produces have inventory that they cannot get rid of - Price Floor:
-Lowest legal price a commodity can be sold at
-Used by the gov to prevent prices from becoming too low
-ex) Minimum Wage
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