Price Ceilings and Floors
Students will analyze the impact of government-imposed price controls on market outcomes, including shortages and surpluses.
Key Questions
- Evaluate who benefits and who bears the costs of a minimum wage increase.
- Analyze the incentives driving behavior in a black market created by price controls.
- Predict the unintended consequences of price ceilings on housing affordability.
Ontario Curriculum Expectations
Suggested Methodologies
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More in Market Mechanics: Supply and Demand
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Students will calculate and interpret price elasticity of demand, understanding its implications for revenue and policy.
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