Prices

Favors neither the producer nor the consumer

• Prices

• Rationing

Flexible and can accommodate to change quicker

• Prices

• Rationing

Easy to understand

• Prices

• Rationing

Encourages people to use their resources wisely.

• Prices

• Rationing

A minimum price consumers are required to pay for a good or service.

• Price Ceiling

• Market Clearing Price

• Equilibrium

• Price Floor

A maximum price consumers are required to pay for a good or service.

• Price Ceiling

• Equilibrium

• Market Clearing Price

• Price Floor

A legal minimum on the price at which a good can be sold

• target price

• price ceiling

• economic model

• price floor

the monetary value of a product

• price floor

• price

• price ceiling

• biofuels

the highest legal price that can be charged for a product

• price floor

• equilibrium price

• economic model

• price ceiling

If the government set the price at $700, would that be a price ceiling or floor?

• Price Ceiling

• Price Floor 

• Neither