Price Ceilings and Price Floors Video Series and Quiz
Time: 82 mins,
Updated: March 5 2020,
Author: Marginal Revolution University
Students will be able to:
- Apply supply and demand analysis to the impacts of price ceilings and floors on the economy.
- Represent them on a graph.
In this economics video series, students will learn about price ceilings and floors.
How did Nixon’s economy-wide price ceiling lead to the drowning of millions of baby chicks? This and more is covered in the first of this unit of eleven videos on price controls. Other topics include the way price ceilings bring about shortages, quality reduction, misallocation of resources, lines and search costs, and deadweight loss. Also included is an on-the-ground look at rent controls in Mumbai, and analysis of price floors in the labor market (minimum wage) and airline fares. Every video comes with practice questions!
In this economics lesson, students will form a human demand and supply curve.
Key Concepts: Demand, Price Ceilings and Floors, Supply
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