facebook2 twitter linkedin search arrow-right3 arrow-left3 cross

Price controls

Lesson Objectives

  1. Define price ceilings and price floors
  2. State the effects of a price ceiling that is below the equilibrium price
  3. State the effects of a price floor that is above the equilibrium price.
  4. Use a supply and demand graph to illustrate some of the effects of ceilings and floors.

Textbook reading

  • Chapter 6: Introduction & section 6-1

Non-textbook materials

Videos

Video: Price Ceilings
Video Questions, Answers & Updates
Video: Examples of Price Ceilings
Video Questions, Answers & Updates
Video: Price Floors
Video Questions, Answers & Updates
Video: An Example of a Price Floor
Video Questions, Answers & Updates
Video: Are Minimum Wages Good?
Video Questions, Answers & Updates

Study aids