1.16. In the market depicted below there is either a price ceiling or a price floor-surprisingly, it...

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1.16. In the market depicted below there is either a price ceiling or a price floor-surprisingly, it doesn't matter which one it is: Whether it's an

$80 price floor or a $30 price ceiling, the chart looks the same.

Price

$80 30 Demand 100 200 Quantity In the chart, there's a rectangle and a triangle.

One represents the value lost from the "deals that don't get made" and one represents the value lost from "the deals that do get made."

Which is which?

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Related Book For  book-img-for-question

Modern Principles Macroeconomics

ISBN: 124428

2nd Edition

Authors: Tyler Cowen ,Alex Tabarrok

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