ECON 111 Chapter Notes - Chapter 5: Bachelor Of Applied Science, Pearson Education, Price Ceiling

• School: Queen's University
• Department: Economics
• Course: ECON 111
• Professor: Xiaoran (Sheldon) Guo

Document Summary

Ragan, microeconomics, 15th canadian edition, toronto: pearson canada inc. , The material in this document is taken from the mentioned source and should be used for reference only. The document compiler cannot assure 100% accuracy as there may be errors present in this document. The mentioned source should be used if there is any doubt on information accuracy. In addition, without permission from the owners (direct or indirect), the material in this document cannot be reproduced. Allocating a product in excess demand 2. 5. 2: rent controls: a case study of price ceilings 2. The predicted effects of rent controls 3. 5. 3: an introduction to market efficiency 4. Demand as value and supply as cost 4. Disequilibrium prices: what determines quantity actually traded on the market if price is controlled at disequilibrium value, at any disequilibrium price, quantity exchanged is determined by the lesser of quantity demanded or quantity supplied. Figure 1: the determination of quantity exchanged in.