Price ceiling properties

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6 Terms

1
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Price ceilings create shortages

that stay in place as long as the price ceiling is in place

2
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Price ceilings require

rationing

3
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Price ceilings reduce the

amount that consumers actually get

4
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Price ceilings reduce

the quality of the good

5
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Price ceilings tend

to promote corruption

6
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Price ceilings increase

the market value of the good