Title: Examine the purposes and implications of price ceilings and price floors.
Course: Economics and Personal Finance (19262-36) > Section: Exploring the Price System

Examination should include

- defining and identifying examples of surplus, shortage, price ceiling, and price floor
- describing how government-enforced price controls set above or below the equilibrium price distort price signals and incentives to producers and consumers
- clarifying how the market economy deals with the results of a price ceiling or a price floor.