chap_06supply,demandandgovernmentpolicies(曼昆(已修改)
2025-02-17 20:28 本頁(yè)面
【正文】 Supply, Demand and Government Policies Chapter 6 Supply, Demand, and Government Policies ?In a free, unregulated market system, market forces establish equilibrium prices and exchange quantities. ?While equilibrium conditions may be efficient, it may be true that not everyone is satisfied. ?One of the roles of economists is to use their theories to assist in the development of policies. Price Controls... ?Are usually enacted when policymakers believe the market price is unfair to buyers or sellers. ?Result in governmentcreated price ceilings and floors. Price Ceilings Price Floors Price Ceiling ?A legally established maximum price at which a good can be sold. Price Floor ?A legally established minimum price at which a good can be sold. Price Ceilings Two outes are possible when the government imposes a price ceiling: ? The price ceiling is not binding if set above the equilibrium price. ? The price ceiling is binding if set below the equilibrium price, leading to a shortage. A Price Ceiling That Is Not Binding... $4 3 Quantity of IceCream Cones 0 Price of IceCream Cone Demand Supply Price ceiling Equilibrium price 100 Equilibrium quantity Harcourt, Inc. items and derived items copyright 169。 2023 by Harcourt, Inc. A Price Ceiling That Is Binding... $3 Quantity of IceCream Cones 0 Price of IceCream Cone 2 Demand Supply Equilibrium price Price ceiling Shortage 125 Quantity demanded 75 Quantity supplied Harcourt, Inc. items and derived items copyright 169。 2023 by Harcourt, Inc. Effects of Price Ceilings A binding price ceiling creates ... ? shortages because QD QS. ?Example: Gasoline shortage of the 1970s ? nonprice rationing ?Examples: Long lines, Discrimination by sellers Lines at the Gas Pump In 1973 OPEC raised the price of crude oil in world markets. Because crude oil is the major input used to make gasoline, the higher oil prices reduced the supply of gasoline. What was responsible for the long gas lines? Economists blame government regulations that limited the price oil panies could charge for gasoline. The Price Ceiling on Gasoline Is Not Binding... $4 P1 Quantity of Gasoline 0 Price of Gasoline Q1 Demand Supply Price ceiling 1. Initially, the price ceiling is not binding... The Price Ceiling on Gasoline Is Binding... P1 Quantity of Gasoline 0 Price of Gasoline Q1 Demand S1 Price ceiling S2 2. … but when supply falls... P2 3. … the price ceiling bees binding... 4. … resulting in a shortage. Rent Control ?Rent controls are ceilings placed on the rents that landlords may charge their tenants. ?The goal of rent control policy is to help the poor by making housing more affordable. ?One economist called rent control “the best way to destroy a
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