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4 cards from this section. Quick, good the night before a test.
Define price ceiling.
Think about the limit to help consumers.
What happens when a price floor is set above market equilibrium?
Consider what happens when price is higher than what's normal.
What does a price ceiling lead to?
Think about what happens when the price is too low.
True or False: A price floor can create a shortage.
Consider what happens when prices are set too high.
Evaluate the effects on the market for essential goods if a price ceiling is removed after years of enforcement.
Consider the initial consumer reaction versus long-term market adjustment.
Assess the potential economic impacts on agriculture if price floors were eliminated.
Think about how this may balance against consumer purchasing power.
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