Price Ceilings and Floors- Micro Topic 2.8

Mr. Clifford explains price controls, focusing on price ceilings and floors. He uses examples like gas and corn prices to illustrate how these controls affect supply and demand, leading to shortages or surpluses. The video also distinguishes between micro and macroeconomics, emphasizing the importance of understanding supply and demand in both contexts.

Why might government intervention in competitive markets lead to shortages or surpluses?

How do the concepts of supply and demand relate to the overall economy in macroeconomics?