Clutch Prep is now a part of Pearson
Ch. 5 - Consumer and Producer Surplus; Price Ceilings and FloorsWorksheetSee all chapters
All Chapters
Ch. 1 - Introduction to Microeconomics
Ch. 2 - Introductory Economic Models
Ch. 3 - Supply and Demand
Ch. 4 - Elasticity
Ch. 5 - Consumer and Producer Surplus; Price Ceilings and Floors
Ch. 6 - Introduction to Taxes and Subsidies
Ch. 7 - Externalities
Ch. 8 - The Types of Goods
Ch. 9 - International Trade
Ch. 10 - The Costs of Production
Ch. 11 - Perfect Competition
Ch. 12 - Monopoly
Ch. 13 - Monopolistic Competition
Ch. 14 - Oligopoly
Ch. 15 - Markets for the Factors of Production
Ch. 16 - Income Inequality and Poverty
Ch. 17 - Asymmetric Information, Voting, and Public Choice
Ch. 18 - Consumer Choice and Behavioral Economics
As I always say sometimes, "you can't go higher than the ceiling and you can't go lower than the floor."

Concept #1: Price Ceilings

Example #1: Price Ceilings

Practice: When the government imposes a binding price ceiling, it causes

Practice: A price ceiling will have no impact on a market if it is set

Concept #2: Price Floors and Black Markets

Example #2: Price Floors

Practice: Which of the following statements regarding the expected effects of a price control imposed on a competitive market is false?