TAILIEUCHUNG - Lecture Principles of microeconomics - Chapter 6: Supply, demand and government policies

In this chapter you will examine the effects of government policies that place a ceiling on prices, examine the effects of government policies that put a floor under prices, consider how a tax on a good affects the price of the good and the quantity sold, learn that taxes levied on buyers and taxes levied on sellers are equivalent. | Supply, Demand and Government Policies Chapter 6 Copyright © 2001 by Harcourt, Inc. All rights reserved. Requests for permission to make copies of any part of the work should be mailed to: Permissions Department, Harcourt College Publishers, 6277 Sea Harbor Drive, Orlando, Florida 32887-6777. Supply, Demand, and Government Policies In a free, unregulated market system, market forces establish equilibrium prices and exchange quantities. One of the things government can do is to set price controls when the market price is seen as unfair to either buyers or sellers. 2 2 Price Ceilings & Price Floors Price Ceiling A legally established maximum price at which a good can be sold. (Rent Controls) Price Floor A legally established minimum price at which a good can be sold. (Price Supports for Agriculture) 4 4 Price Ceilings Two outcomes are possible when the government imposes a price ceiling: The price ceiling is not binding if set above the equilibrium price. The price ceiling is .

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