Prices have soared for parking facilities in downtown Dallas in recent months. Pressure from voters has convinced Dallas City Council to impose a price ceiling on $5 on all parking garages and lots per day. What effect will this likely have on the market spaces in Dallas? (What happens to Qd?) Who will gain? Who will lose?

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30-09-2021
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Prices have soared for parking facilities in downtown Dallas in recent months. Pressure from voters has convinced Dallas City Council to impose a price ceiling on $5 on all parking garages and lots per day. What effect will this likely have on the market spaces in Dallas? (What happens to Qd?) Who will gain? Who will lose?

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ewomazinoade ewomazinoade · Answer 1 · 2021-10-11T12:38:18+02:00

A price ceiling would lead to shortage of parking spaces in Dallas. When there is a price ceiling, consumers would gain and producers would lose.

A price ceiling is when the government or an agency of the government sets the maximum price for a good or service. Price ceiling is binding when it is set below equilibrium price.

If the council imposes a binding price ceiling, price would be set below equilibrium price. This would lead to a decrease in the quantity of parking facilities supplied. As a result there would be a decrease in the parking facilities available in Dallas. This means there would be a shortage of parking spaces.

When price is set below equilibrium, parking spaces become cheaper for consumers. So, consumers would be advantaged.

When price is set below equilibrium, parking spaces cost less. This reduces the profits that can be earned by producers. Producers would lose.

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