Price Ceilings and Floors- Micro Topic 2.8

New video for this topic: Government Intervention- Micro Topic 2.8
In this video I explain what happens when the government controls market prices. Price ceilings are a legal maximum price and price floors are a minimum legal price. Make sure that you can draw each of them on a demand and supply graph and identify if there is a shortage or a surplus. Keep in mind that your teacher may use the word "binding" to describe the situation where the price control has an effect on the market.  

Need help? Check out the Ultimate Review Packet for FREE: https://www.acdcecon.com/review-packet

• #
• #supply
• #demand
• #economics
• #ceiling
• #floor
• #price