Price Controls

Front

A binding maximum legal price in a market

Back

Price ceiling

Front

Who are price ceilings intended to benefit?

Back

Consumers

Front

Shortages, lower quality goods, and increased search costs, are all associated with

Back

Price ceilings

Front

Rent control, an attempt to make housing more attainable when prices rise too high is an example of a

Back

Price ceiling

Front

Which of the following is an argument in support of rent control? Options: Lower rent prices discourage incentives to build additional housing. Housing prices in certain areas are rising faster than wages. Rent control can cause a shortage of housing. Quality of existing apartments will decrease.

Back

Housing prices in certain areas are rising faster than wages.

Front

A binding legal minimum price in a market

Back

Price floor

Front

Price floors are intended to protect

Back

Sellers of a good or service

Front

Binding price floors often result in a market

Back

Surplus

Front

The minimum wage is an example of a ?

Back

price floor

Front

Where would a binding price ceiling need to be set in this market?

Back

Any price below $900