
Ceiling Price and Floor Price in Macroeconomics

Flashcard
•
Other
•
11th Grade
•
Hard
Balveer Kaur
FREE Resource
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4 questions
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1.
FLASHCARD QUESTION
Front
What is a ceiling price in macroeconomics?
Back
A ceiling price is a government-imposed limit on how high a price can be charged for a product. It is intended to protect consumers from high prices.
2.
FLASHCARD QUESTION
Front
What is a floor price in macroeconomics?
Back
A floor price is a government-imposed limit on how low a price can be charged for a product. It is intended to ensure that producers receive a minimum price for their goods.
3.
FLASHCARD QUESTION
Front
When are price controls considered binding?
Back
Price controls are considered binding when they affect the market equilibrium, causing a shortage or surplus. For a ceiling price, it is binding if set below the equilibrium price, leading to a shortage. For a floor price, it is binding if set above the equilibrium price, leading to a surplus.
4.
FLASHCARD QUESTION
Front
When are price controls not binding?
Back
Price controls are not binding when they do not affect the market equilibrium. A ceiling price is not binding if set above the equilibrium price, and a floor price is not binding if set below the equilibrium price.
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