Ch. 5 - Consumer and Producer Surplus; Price Ceilings and FloorsSee all chapters
All Chapters
Ch. 1 - Introduction to Microeconomics
Ch. 2 - Introductory Economic Models
Ch. 3 - Supply and Demand
Ch. 4 - Elasticity
Ch. 5 - Consumer and Producer Surplus; Price Ceilings and Floors
Ch. 6 - Introduction to Taxes and Subsidies
Ch. 7 - Externalities
Ch. 8 - The Types of Goods
Ch. 9 - International Trade
Ch. 10 - The Costs of Production
Ch. 11 - Perfect Competition
Ch. 12 - Monopoly
Ch. 13 - Monopolistic Competition
Ch. 14 - Oligopoly
Ch. 15 - Markets for the Factors of Production
Ch. 16 - Income Inequality and Poverty
Ch. 17 - Asymmetric Information, Voting, and Public Choice
Ch. 18 - Consumer Choice and Behavioral Economics

Price Ceilings, Price Floors, and Black Markets

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Sections
Consumer Surplus and Willingness to Pay
Producer Surplus and Willingness to Sell
Economic Surplus and Efficiency
Quantitative Analysis of Consumer and Producer Surplus at Equilibrium
Price Ceilings, Price Floors, and Black Markets
Quantitative Analysis of Price Ceilings and Price Floors: Finding Points
Quantitative Analysis of Price Ceilings and Price Floors: Finding Areas
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Next SectionQuantitative Analysis of Price Ceilings and Price Floors: Finding Points
As I always say sometimes, "you can't go higher than the ceiling and you can't go lower than the floor."

Concept #1: Price Ceilings

Example #1: Price Ceilings

Practice: When the government imposes a binding price ceiling, it causes

Practice: A price ceiling will have no impact on a market if it is set

Practice: All of the following are problems associated with price ceilings except:

Concept #2: Price Floors and Black Markets

Practice: Which of the following statements regarding the expected effects of a price control imposed on a competitive market is false?

Previous SectionQuantitative Analysis of Consumer and Producer Surplus at Equilibrium
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