What Are Price Ceilings
Its generally applied to consumer staples.
What are price ceilings. A price ceiling is a government or group imposed price control or limit on how high a price is charged for a product commodity or service. Its generally applied to consumer staples. A price ceiling occurs when the government puts a legal limit on how high the price of a product can be. Even though price ceilings have been around for centuries many economists doubt their effectiveness.
Price ceilings also dont work if the natural market clearing price is below the ceiling for example a 75000 price ceiling for cars when most cars sell for 20000. A price ceiling is a maximum amount mandated by law that a seller can charge for a product or service. Governments use price ceilings to protect consumers from conditions that could make commodities prohibitively expensive. Lets take a closer look at price ceilings and see where they fit good or bad in todays.
Mathematically the price ceiling creates a range over which marginal revenue is equal to price since over this range the monopolist doesnt have to lower price in order to sell more.
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