Chapter 2.7 - Effects of Government Intervention - Price Controls
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4 Terms
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Price ceiling denoted as
Pmax
2
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Without price controls, the market clears at the
equilibrium price and quantity of P0 and Q0
3
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When there is a price ceiling
the quantity supplied falls, and the quantity demanded increases therefore, a shortage will develop.
4
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Governments often
regulate markets
Note 
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