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6Supply,Demand,andGovernmentPolicies
Supply,Demand,andGovernmentPoliciesInafree,unregulatedmarketsystem,marketforcesestablishequilibriumpricesandexchangequantities.Whileequilibriumconditionsmaybeefficient,itmaybetruethatnoteveryoneissatisfied.Oneoftherolesofeconomistsistousetheirtheoriestoassistinthedevelopmentofpolicies.
CONTROLSONPRICESAreusuallyenactedwhenpolicymakersbelievethemarketpriceisunfairtobuyersorsellers.Resultingovernment-createdpriceceilingsandfloors.
CONTROLSONPRICESPriceCeilingAlegalmaximumonthepriceatwhichagoodcanbesold. PriceFloorAlegalminimumonthepriceatwhichagoodcanbesold.
HowPriceCeilingsAffectMarketesTwoesarepossiblewhenthegovernmentimposesapriceceiling:Thepriceceilingisnotbindingifsetabovetheequilibriumprice.Thepriceceilingisbindingifsetbelowtheequilibriumprice,leadingtoashortage.
Figure1AMarketwithaPriceCeiling(a)APriceCeilingThatIsNotBindingQuantityofIce-CreamCones0PriceofIce-CreamConeEquilibriumquantity$4PriceceilingEquilibriumpriceDemandSupply3100
Figure1AMarketwithaPriceCeilingCopyright?2003Southwestern/ThomsonLearning(b)APriceCeilingThatIsBindingQuantityofIce-CreamCones0PriceofIce-CreamConeDemandSupply2PriceceilingShortage75Quantitysupplied125QuantitydemandedEquilibriumprice$3
HowPriceCeilingsAffectMarketesEffectsofPriceCeilingsAbindingpriceceilingcreatesshortagesbecauseQDQS.Example:Gasolineshortageofthe1970snonpricerationing Examples:Longlines,discriminationbysellers
In1973,OPECraisedthepriceofcrudeoilinworldmarkets.Crudeoilisthemajorinputingasoline,sothehigheroilpricesreducedthesupplyofgasoline.Whatwasresponsibleforthelonggaslines?CASESTUDY:LinesattheGasPumpEconomistsblamegovernmentregulationsthatlimitedthepriceoilcompaniescouldchargeforgasoline.
Figure2TheMa
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