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Macroeconomics 2/17/2016

by: amber weiss

Macroeconomics 2/17/2016 Economics 111

amber weiss
GPA 3.7

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About this Document

this is what we covered in class on February 17, 2016 it is over Price Ceiling and Price Support/Floor and some Applications!
Mary Anne Pettit
Class Notes
Macroeconomics 2/17/2016
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This 1 page Class Notes was uploaded by amber weiss on Thursday February 18, 2016. The Class Notes belongs to Economics 111 at Southern Illinois University Edwardsville taught by Mary Anne Pettit in Spring 2016. Since its upload, it has received 29 views. For similar materials see Macroeconomics in Economcs at Southern Illinois University Edwardsville.

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Date Created: 02/18/16
Macroeconomics Price Ceilings and Price Suppors (floors) February 17, 2016  Price Ceilings: LEGAL price set BELOW equilibrium  Control: only type of price "control" or price cap is set below equilibrium  Impacts of Price Ceilings: 1. Shortages- formal rationing/ queing (List) 1. Black markets- illegal/ under-the-table activity 1. Distribution of market signals and misallocation of resources- price of 1 Qs; different prices, different signals  Price Supports/Floor: LEGAL price set ABOVE equilibrium  Impacts of Price Floors/Supports 1. Surplus- when Qs exceeds Qd 1. Surplus disposal or control required o Disposal: government buys the surplus o Control: pay producers NOT to produce 3. Distortion of market signals and misallocation of resources


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