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QUESTION
In some cases, the government can intervene in the market when the equilibrium price is too high or low. For example, a price ceiling is a legal maximum price that can be charged in a particular marke
- In some cases, the government can intervene in the market when the equilibrium price is too high or low. For example, a price ceiling is a legal maximum price that can be charged in a particular market. Do some research on your own.
- Is a price ceiling set above or below the market price?
- Give an example of a price ceiling and discuss some disadvantages and advantages of this type of government intervention.
- An art museum raises its admission price, and ends up with a decrease in its total revenue. How could you explain this situation to the museum director?
- Suppose Billy drinks two cups of coffee a day no matter what the price. What does this mean in terms of supply and demand equilibrium?
- What are the main determinants of equilibrium of demand and supply? Which is likely to have more of an impact on supply and therefore market equilibrium: the demand for orange juice or the demand for a particular brand of orange juice?
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