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Hey! How you doing Econ students? This is Mr. Clifford. Welcome to ACDC Econ. Right now I'll talk about price controls. [ energetic music plays] Right now at the end of 2014, gas prices in California are around $4 a gallon It's actually a little less but let's just keep it simple and say equilibrium and price per gallon is $4 and the quantity is 100. So I'm tired of paying high gas prices. I think we should go to the government and convince them to get the prices lowered so the government should make a law and say that we should lower the price below equilibrium to let's say $1 This is the idea of something called a "Price Ceiling". A Price Ceiling is the cap on a price that the government sets so the price cannot go up to equilibrium. Again, the ceiling is the maximum price a seller is allowed to charge. So do you support the idea of having the price down here at one dollar and we all get cheaper gasoline? It turns out that's why you're in this class. If you didn't take Econ, you wou...