Economics: Unit 4 Topic 4- Price Controls
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Last updated 3:34 PM on 12/13/24
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5 Terms
1
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price controls
Legal restrictions on how high or low a market price may go.
2
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Price Ceiling
A legal maximum on the price at which a good can be sold. Price Ceiling is ALWAYS SET BELOW the equilibrium price.
3
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Price Floor
A legal minimum on the price at which a good can be sold. A Price Flow is ALWAYS SET ABOVE the equilibrium price.
4
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Surplus
A situation in which quantity supplied is greater than quantity demanded. A surplus will ALWAYS be created when a PRICE FLOOR is set.
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Shortage
A situation in which quantity demanded is greater than quantity supplied. A shortage will ALWAYS be created when a PRICE CEILING is set.
Note 
Flashcards (21)