This 3 minute video will explain price ceilings and their effect on an economy. This video will aid in the mastery of standard EPF. 3 (d)
This video will explain the classic price ceiling example of rent controls and how shortages are created from a price ceiling. This video will aid in the understanding of how price ceilings create shortages and enforces standard EPF. 3 (d)
Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters.Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition.
By the end of this section, you will be able to:
Contrast consumer surplus, producer surplus, and social surplus
Explain why price floors and price ceilings can be inefficient
Analyze demand and supply as a social adjustment mechanism
By the end of this section, you will be able to:
Explain price controls, price ceilings, and price floors
Analyze demand and supply as a social adjustment mechanism
