Join Professor Matt Hill as he walks you through the classroom slides of Day 1: " Price Ceilings" from MRU's free "Price Ceilings & Price Floors" unit plan. Get the unit plan here: https://mru.io/h4p

Learning Objectives:
- Define a price ceiling.
- Examine the effect of implementing a price ceiling on quantity supplied and quantity demanded.
- Discuss the unintended consequences of a price ceiling.
- Graph a price ceiling using a supply and demand graph.
- Identify a shortage created by a price ceiling on a supply and demand graph.
- Identify the welfare effects of a price ceiling.