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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