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• Price Ceiling
• Rent Control Example
• $ Ceiling makes people pay more for their apartment 
• poorer quality
• laundry
• food
• Increasing supply is desirable
• Raise in price
• clears the table (economic table)
• Graphs
• Change in the curves in terms of steepness or flatness changes
• Elasticity
• Price Floor
• lowering wages
• results in reduction of worker supply
• Rarity vs Scarcity
• scarcity is relative, only happening  when the want exceeds the amount
• rarity is not relative, quantity demanded almost always equaling the supply
• Black Market- Drugs graph 
• a drug becomes illegal then
• the supply curve becomes much steeper, more elastic
• the costs increase
• competition is influential factor