Chapter 4 The Price System, Demand and Supply, and Elasticity4章价格的体系，需求和供给，和弹性.pptVIP

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Chapter 4 The Price System, Demand and Supply, and Elasticity4章价格的体系，需求和供给，和弹性.ppt

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Chapter 4 The Price System, Demand and Supply, and Elasticity4章价格的体系，需求和供给，和弹性

The Price System The market system, also called the price system, performs two important and closely related functions: Price Rationing Resource Allocation Price rationing is the process by which the market system allocates goods and services to consumers when quantity demanded exceeds quantity supplied. Price Rationing The market is initially in equilibrium at Price Po. a decrease in supply (what might cause this?) creates a shortage at P0. Quantity demanded is greater than quantity supplied. Price will rise. OR an increase in demand (what might cause this?) creates a shortage at Po. Quantity demanded is greater than quantity supplied. Price will rise. In both cases, the quantity is rationed to those who are willing and able to pay the higher price. Price Ceilings When a maximum price for a product or service is set (generally this is done by the government) Why? Because the equilibrium price appears to be “unfair” Consequences for the market? An alternative to price rationing is needed to allocate the available quantity: Alternative Rationing Mechanisms Example of Price Ceiling In 1974, the government used an alternative rationing system to distribute the available supply of gasoline. At an imposed price of 57 cents per gallon (price ceiling), the result was excess demand. Alternative Rationing Mechanisms No matter how good the intentions of private organizations and governments, it is very difficult to prevent the price system from operating and to stop the willingness to pay from asserting itself. A black market is a market in which illegal trading takes place at market-determined prices. With favored customers and black markets, the final distribution may be even more unfair than that which would result from simple price rationing. Price Floors Some times it is believed that the equilibrium price of a good or service is too low. The government steps in and imposes a minimum price in the market Examples and Consequences: Prices and the Allocation of Reso