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Suppose the government establishes a binding price floor for some product. At the price floor,

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Suppose the government establishes a binding price floor for some product. At the price floor,

Suppose the government establishes a binding price floor for some product. At the price floor,

▸ although consumers are purchasing all of the product they desire at this price, the sellers are not selling all they desire.

▸ although sellers are selling all of the product that they desire, consumers are not able to buy all that they desire.

▸ both sellers and buyers are exchanging the free-market equilibrium quantity.

▸ both sellers and buyers are satisfied with the quantity that is being exchanged.

▸ a new free-market equilibrium price and quantity will be established.

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Microeconomics

Edition: 17^th

Author: Ragan

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