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Price ceilings and floors
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Period
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Period 1
Period 2
Period 3
Period 4
Period 5
According to the graph below, which of the following will occur if a legal price ceiling is imposed at price X?
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Shortages will occur.
Surpluses will occur.
Demand will increase.
Q1 will be purchased.
Supply will decrease.
A minimum price set above the equilibrium price is a:
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demand price.
supply price.
price floor.
price ceiling.
Which of the following statements about price controls is true?
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A price ceiling causes a shortage if the ceiling price is above the equilibrium price.
A price floor causes a surplus if the price floor is below the equilibrium price.
Price ceilings and price floors result in a misallocation of resources and is inefficient
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