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Economics / Principles of Economics 6 / Chapter 6 / Problem Questions for Review 6.1

Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw

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Give an example of a price ceiling and an example of a price floor

Chapter 6, Problem Questions for Review 6.1

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QUESTION:

Give an example of a price ceiling and an example of a price floor.

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QUESTION:

Give an example of a price ceiling and an example of a price floor.

ANSWER:

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Whenever the government of a nation introduces a price ceiling on any product, it means that the government sets a particular price as the maximum price beyond which the sellers cannot raise the price even if the demand increases exponentially. Whenever the government of a nation introduces a price floor on any product, it means that the government sets a particular price as the minimum price beyond which the sellers cannot reduce the price even if the demand decreases drastically.

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