During times of natural disasters, price ceilings are often employed to keep prices low for consumers. We most often see this with gasoline but also see it with other goods.

During times of natural disasters, price ceilings are often employed to keep prices low for consumers. We most often see this with gasoline but also see it with other goods. Starting with your textbook and then incorporating additional research:
Discuss what economic theory happens with a binding price ceiling.
Draw a supply and demand graph illustrating the binding price ceiling (do not just copy and paste a graph, create your own).
Discuss what elasticity conditions (labor demand/supply perfectly elastic, elastic, unitary elastic, inelastic, or perfectly inelastic) would be needed for the binding price ceiling to benefit affected consumers.
Discuss how goods and services are allocated under a binding price ceiling.

Adhere to the following standards:
references pages.
The Economics Library Guide (Links to an external site.) is a good tool to use to start your research
(sources such as The Balance, EconomicsHelp.org, Investopedia, and similar websites are not acceptable).

Book used in class is: Principles of Microeconomics
by N. Gregory Mankiw

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