Get Foundations of Economics, 8th Edition now with O’Reilly online learning.
O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers.
Can Congress repeal the law of market forces?
When you have completed your study of this chapter, you will be able to
1 Explain how a price ceiling works, and why a rent ceiling creates a housing shortage and is inefficient and unfair.
2 Explain how a price floor works, and why the minimum wage creates unemployment and is inefficient and unfair.
3 Explain how a production quota works, and why it brings a higher price and is inefficient and unfair.
MyEconLab Big Picture Video