Price Intervention

30 三月

Price intervention

11.1 Price ceiling – the maximum price permitted by law (is to lower the price. If it is effective, it has to set below the equilibrium price)1

11.1.1  Effects on price and quantity transacted

11.1.1.1  A fall in price

11.1.1.2 A fall in quantity transacted

11.1.1.3 A rise in quantity demanded and a fall in quantity supplied, creating shortage.

11.1.2 Other effects

11.1.2.1 Black market

11.1.2.2 Non price methods of allocation and the total price.

11.1.2.3 Lower of product quality

11.2 Price floor – the minimum price permitted by law. (is to set above the market price)

11.2.1 Effects on price and quantity transacted

1. A rise in price

2. A fall in quantity transacted

3. A fall in quantity demanded and a rise in quantity supplied, creating surplus

11.2.2 Other effects

1. Black market

2. No-price competition

 

 

 

 

 

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