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Title: Price Floors and Ceilings
Description: These are lecture notes on price floors and price ceilings from AP Macroeconomics.
Description: These are lecture notes on price floors and price ceilings from AP Macroeconomics.
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Surplus
Price control- Government
Help farmers buy giving them a price higher than otherwise would have justified
Guarantee price of $4
Then, the farmers could have all this corn left over, then the government would have to buy it
Price floor- has to be above equilibrium price, nothing can go below it, e
...
minimum wage
Supply- Workers
Demand- Firms
Surplus- unemployment
“6
...
7
...
” but now there’s no jobs for them
Min
...
95 cents? That seems fair, we all benefit, woo hoo!
Price controls often intended to help the poor, but often hurt more than help
Title: Price Floors and Ceilings
Description: These are lecture notes on price floors and price ceilings from AP Macroeconomics.
Description: These are lecture notes on price floors and price ceilings from AP Macroeconomics.