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Hey! How you doing Econ students? This is Mr. Clifford. Welcome to ACDC Econ. Right now Ill talk about price controls. [ energetic music plays] Right now at the end of 2014, gas prices in California are around $4 a gallon Its actually a little less but lets just keep it simple and say equilibrium and price per gallon is $4 and the quantity is 100. So Im 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 lets 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 thats why youre in this class. If you didnt take Econ, you wou