Price Ceilings and Floors- Economics 2.6
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In this video I explain what happens when the government controls market prices. Price ceilings are a legal maximum price and price floors are a minimum legal price. Make sure that you can draw each of them on a demand and supply graph and identify if there is a shortage or a surplus. Keep in mind that your teacher may use the word "binding" to describe the situation where the price control has an effect on the market. If you need more help, check out my Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji Next videos showing what happens to consumer surplus, producer surplu, and dead weight loss https://www.youtube.com/watch?v=n0LXkA9kato All Microeconomics Videos https://www.youtube.com/watch?v=swnoF... All Macroeconomics Videos https://www.youtube.com/watch?v=XnFv3... Watch Econmovies https://www.youtube.com/playlist?list... Follow me on Twitter https://twitter.com/acdcleadership
Comments
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Thankyou, sir.
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Hey, I was wondering if anyone can help me? What is the purpose of a price floor?
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Hi! This video is very helpful in understanding the graphs during price controls at the same time can you help us figure out what happens to the CONSUMER SURPLUS and PRODUCER SURPLUS when PRICE CONTROLS are in effect!
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THANK YOU
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Thank you so much, your really interesting and easy to understand :) my economics life has been salvaged!!!
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Good Job. I love to see teachers who love to teach!!! Wish they could all be that way.
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I really like Mr. Clifford's teaching on economics.
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Have a test tmr, I think this will help
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Lol my Econ teacher's been showing your videos all the time and I just want to say you're great :)
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all of your videos accommodate me a lot thanks for uploading
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You sir, have my admiration. This helped me A LOT. Thank you and please do more videos :D
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When the teacher doesn't teach for shit so you look it up on YouTube and get a 4 min video that teaches you more than what the teacher accomplished in an hour. Thank you sir.
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Mr. Clifford,
You are so rad. My professor is a first time adjunct for my campus and I know he is doing his best to teach but his lectures are extremely dull and not as active as yours is. Show him the ways to the force, please.
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Uninterested now Interested Student in Microeconomics. -
Awesome , 1000k likes for you
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YOU ARE AMAZING UR VIDEOS ARE SO SHORT AND CONCISE IT GREAT THANK YOU SO MUCH!!!
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Would've been better if the corn example used $20 for the equilibrium price, then $30 for the floor. Then, it would show that the farmer made $90 instead of $100, and that the price fixing actually injured the farmer.
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Hopefully watching this will help me pass my test tomorrow if I don't I'm blaming you
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bushels of corn :)
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very awesome video.helped a lot to understand the concept
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I'm taking MicroEconomics
4m 35sLenght
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