Answer the following questions on price controls. a) Does a price ceiling change the equilibrium price

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21-07-2022
SAT

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Answer the following questions on price controls. a) Does a price ceiling change the equilibrium price

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adioabiola adioabiola · Answer 1 · 2022-07-29T20:10:10+02:00

Please be well informed that a price ceiling does not change the equilibrium price

This is simply because a price ceiling is just a legal restriction while an equilibrium is an economic condition.

What is equilibrium price?

An equilibrium price is simply defined as the consumer cost assigned to some product or service such that supply and demand are equal, or close to equal.

So therefore, please be well informed that a price ceiling does not change the equilibrium price

Learn more about equilibrium price:

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