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EXAMPLE 2: The Market for Unskilled Labor

Wage W S
paid to
unskilled Equilibrium
workers without price
$6.00
controls

D
L
500
Quantity of
unskilled workers

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How Price Floors Affect Market Outcomes

W S
A price floor
below the
equilibrium price
$6.00
is not binding –
has no effect on Price
$5.00
the market floor
outcome.
D
L
500

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product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.

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How Price Floors Affect Market Outcomes

The equilibrium wage ($6) labor

is below the floor and W surplus S
therefore illegal. Price
$7.25
The price floor is binding, floor
causes a surplus (i.e.,
unemployment). $6.00

Minimum wage laws do

not affect highly skilled
workers. They do affect
D
teen workers. A 10% L
increase in the minimum 400 550
wage raises teen
unemployment by 1–3%.
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product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.

Active Learning 1 Price controls

The market for hotel The market for
P
140 hotel rooms
rooms is in equilibrium S
as in the graph. 130
120
• Determine the
110
effects of:
100
A. $90 price ceiling 90
B. $90 price floor 80 D
70
C. $120 price floor 60
50
40
0 Q
50 60 70 80 90 100 110 120 130
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product or service or otherwise on a password-protected website or school-approved learning management system for classroom use. 4

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Active Learning 1 A. $90 price ceiling

The market for
P
140 hotel rooms
The price falls to S
$90. (binding price 130
ceiling below the 120
equilibrium) 110
100
Buyers demand Price ceiling
90
120 rooms, sellers
supply 90, leaving a 80 D
shortage = 30
shortage. 70
60
50
40
0 Q
50 60 70 80 90 100 110 120 130
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product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.

Active Learning 1 B. $90 price floor

The market for
P
140 hotel rooms
S
Equilibrium price is 130
above the $90 price 120
floor, so the price 110
floor is not binding. 100
Price floor
P = $100, 90
Q = 100 rooms. 80 D
70
60
50
40
0 Q
50 60 70 80 90 100 110 120 130
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product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.

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Active Learning 1 C. $120 price floor

The market for
P
140 hotel rooms
surplus = 60 S
The price rises to 130
$120. (binding price 120
floor above the Price floor
110
equilibrium) 100
Buyers demand 90
60 rooms, sellers 80 D
supply 120, causing 70
a surplus. 60
50
40
0 Q
50 60 70 80 90 100 110 120 130
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product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.

제4장 시장의 수요와 공급

• 가격통제에 대한 평가
̶ 시장은 일반적으로 경제활동을 조직하는 좋은 수단
• 경제학자들은 가격상한제나 가격하한제에 대부분의 경우에
반대함
• 가격은 수요와 공급을 일치시키고 경제활동을 조정하는 중요한
역할을 수행

̶ 정부가 시장 성과를 개선할 수 있다.

• 시장의 결과가 불공평하다고 판단하기 때문에 정부가
가격통제를 도입
• 그러나 가격통제는 피해를 주는 경우가 많음
• 임대료 보조금, 임금 보조제도 등의 다른 방법도 있음
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