A price
    ceiling imposed by the government will always (according to economists) result in a shortage of
    the good or service whose price is being capped.
The reason for this is that
    the price will be capped (presumably) at a level below the market equilibrium.  At this price
    point, the quantity demanded will be greater than the quantity supplied.  This will result in a
    shortage.
Perhaps the classic example of this (used in many textbooks) is the
    case of rent control.  When rents are capped, landlords tend to get out of the rental business
    even as more tenants wish to rent at the capped prices.  This leads to a shortage of
    apartments.
Please follow the link for an excellent discussion of this
    complete with an interactive graph.
 
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