Consider a competitive market for good X. A binding price floor ...

[jrobl3]

Consider a competitive market for good X. A binding price floor and a binding price ceiling in this market would be similar to each other in that
◦ the units of good X that will no longer be produced or consumed will not generate any economic surplus.
◦ each type of price control will lead to a reduction in deadweight loss and therefore an increase in efficiency in the market for good X.
◦ each type of price control results in a higher price paid by consumers, and therefore to a reduction in economic surplus.
◦ additional units of good X will be produced and consumed, leading to an increase in economic surplus.
◦ each type of price control results in a lower price received by sellers, and therefore to a reduction in economic surplus.

[breounasmoot]

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[jrobl3]

Thanks for the timely response, appreciate it

[ashely1112]

Great answer, keep it coming