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Unit 1

Price Ceiling- legal maximum price meant to help BUYERS (excess demand)
  • Lower prices for some consumers (ex: rent control)
  • Shortages
  • Long line for buyers
  • Illegal sells above equilibrium price
Price Floor- legal minimum price meant to help SELLERS (excess supply)


  • Higher product prices
  • Surplus
  • Higher taxes
  • Waste

Comments

  1. UnknownFebruary 5, 2018 at 2:58 PM

    I like that you provided images to support your notes.

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