What Are Price Ceilings
The price ceiling mitigates the need for the monopolist to lower its price in order to sell more at least over some range of output so it can actually make monopolists willing to increase production.
What are price ceilings. Even though price ceilings have been around for centuries many economists doubt their effectiveness. In order for a price ceiling to be effective it must be set below the natural market equilibrium. Price ceilings also dont work if the natural market clearing price is below the ceiling for example a 75000 price ceiling for cars when most cars sell for 20000. They can also force sellers to create unregulated black markets and high priced required add ons.
Mathematically the price ceiling creates a range over which marginal revenue is equal to price since over this range the monopolist doesnt have to lower price in order to sell more. A price ceiling is a government or group imposed price control or limit on how high a price is charged for a product commodity or service. A price ceiling is a maximum amount mandated by law that a seller can charge for a product or service. Its generally applied to consumer staples.
Lets take a closer look at price ceilings and see where they fit good or bad in todays.
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