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Economic shortage

Krugman AP Macro Economics Chapter 8

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Economics
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Pricing
economics
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Price ceiling
Price floor
Economic shortage
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Supply and demand
Price controls
Economic surplus
Price
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?? Chapter 8: Supply and Demand: Price Controls (Ceilings and Floors) Price controls: legal restrictions on how high or low a market price may go, government action in economy price ceiling: a maximum price sellers are allowed to charge for a good or service price floor: a minimum price buyers are required to pay for a good or service. Assumption: the markets in question are efficient before price controls are imposed price controls in inefficient markets don?t necessarily cause problems and can potentially move the market closer to efficiency Price Ceilings ? Push Prices down Price Ceiling: suppliers have less incentive to offer apartments less of a good are produced Consumer have higher demand shortage of good
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