Price Ceilings and Price Floors
Multiple Choice Questions
After watching the Price Ceilings and Price Floors video lecture, consider the question(s) below. Then “submit” your response.
Question
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Question
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After watching the Price Ceilings and Price Floors video lecture, consider the question(s) below. Then “submit” your response.
Question
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Question
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Question
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Short Answer/Discussion Questions
After watching the Price Ceilings and Price Floors video lecture, consider the question(s) below. Then “submit” your response.
Question
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Suggested solution: An effective price ceiling caps the price below the free market equilibrium price. This results in a shortage, an imbalance between the market’s quantity demanded and quantity supplied. Consequently, some consumers will be able to buy the product at a below equilibrium price (benefits), and other willing buyers will not have access to the product because of insufficient quantity supplied at that price (costs). (Answers may vary.)
Question
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Suggested solution: Anti-price gouging laws cause an insufficient supply (shortage) in the market. (Such laws are frequently imposed in the case of natural disasters when the markets are disrupted by the disaster.) Providing incentives for firms to increase supply can reduce this shortage. Such incentives could include subsidies or tax breaks designed to offset higher costs associated with increasing supply in a disaster ravaged area. Another approach might be to segment the market by capping the price of existing supplies in the market, and allowing higher prices to be charged for new supplies. (Answers may vary.)
Question
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Suggested solution: The benefits of a minimum wage are that certain employees enjoy a higher wage than they would have received without the price floor. The costs are in the form of other workers who can’t find jobs because the minimum wage prices them out of the market.