Price Ceilings and Floors- Micro Topic 2.8

New video for this topic: • Government Interventio...
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.
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Professor Clifford - This lesson, in particular, is the one that I ponder the most. If the government institutes a price floor for a resource (labor, minimum wage), doesn't it guarantee a surplus of that resource (unemployment)? Wouldn't it be advisable to eliminate minimum wage and government subsidies for unemployed workers to allow the market to achieve equilibrium? Fluctuations in wages could then be tied to in/de-flation at the federal level (COLA no longer optional/negotiated). As a business owner, an increase in minimum wage would push me towards machines, not people. At the same time, people will have to go to work when they get hungry enough (sustenance).

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