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  2. Price floor - Wikipedia

    en.wikipedia.org/wiki/Price_floor

    A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, [1] good, commodity, or service. It is one type of price support ; other types include supply regulation and guarantee government purchase price.

  3. Deadweight loss - Wikipedia

    en.wikipedia.org/wiki/Deadweight_loss

    Deadweight loss can also be a measure of lost economic efficiency when the socially optimal quantity of a good or a service is not produced. Non-optimal production can be caused by monopoly pricing in the case of artificial scarcity, a positive or negative externality, a tax or subsidy, or a binding price ceiling or price floor such as a ...

  4. Price ceiling - Wikipedia

    en.wikipedia.org/wiki/Price_ceiling

    [1] [page needed] [verification needed] Further problems can occur if a government sets unrealistic price ceilings, causing business failures, stock crashes, or even economic crises. On the other hand, price ceilings give a government to the power to prevent corporations from price gouging or otherwise setting prices that create negative ...

  5. Price controls - Wikipedia

    en.wikipedia.org/wiki/Price_controls

    A government-set minimum wage is a price floor on the price of labour. A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, [21] good, commodity, or service. A price floor must be higher than the equilibrium price in order to be effective. The equilibrium price, commonly called ...

  6. Economic graph - Wikipedia

    en.wikipedia.org/wiki/Economic_graph

    Economic graphs are presented only in the first quadrant of the Cartesian plane when the variables conceptually can only take on non-negative values (such as the quantity of a product that is produced). Even though the axes refer to numerical variables, specific values are often not introduced if a conceptual point is being made that would ...

  7. Double marginalization - Wikipedia

    en.wikipedia.org/wiki/Double_marginalization

    The retailer will respond by setting its price at =. This results in a total quantity produced of =. The manufacturer's profit is 8, and the retailer's profit is 4. Not only is the total profit lower than in the integrated scenario, but the price is higher, thus reducing the consumer surplus.

  8. Government failure - Wikipedia

    en.wikipedia.org/wiki/Government_failure

    Price floors and price ceilings can also lead to social inefficiencies or other negative consequences. If price floors, such as minimum wage, are set above the market equilibrium price, they lead to shortage in supply, in case of minimum wage to a higher unemployment. Similarly the price ceilings, if set under the market equilibrium price, lead ...

  9. Effect of taxes and subsidies on price - Wikipedia

    en.wikipedia.org/wiki/Effect_of_taxes_and...

    The effect of this type of tax can be illustrated on a standard supply and demand diagram. Without a tax, the equilibrium price will be at Pe and the equilibrium quantity will be at Qe. After a tax is imposed, the price consumers pay will shift to Pc and the price producers receive will shift to Pp. The consumers' price will be equal to the ...