# Price floor and price ceilings

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##### Intros

##### Examples

###### Lessons

**Understanding Price Ceilings**

Consider the following graph of the market:- Suppose the demand function is
*P*= 300 - 2*Q*, and the supply function is*S*= 100 + 3*Q*. **Understanding Price Floors**

Consider the following graph of the market:- Suppose we have the following information:

Wage rate (dollars per hour)

Quantity demanded (hours per month)

Quantity Supplied (hours per month)

7

1500

500

8

1250

750

9

1000

1000

10

750

1250

11

500

1500