Chapter 6 introduces the concept of price ceilings and price floors. These concepts deal with the regulation of a price of a certain good. and the resulting effect on the equilibrium price of the good. The next idea that they introduced was the impact of taxes on sellers or buyers. In this chapter, I felt like the price ceilings and price floors were easy to understand, but the effects of taxes were kind of confusing to me. So in all, I would rate this Chapter a 1.5/3 in difficulty.
Something that I liked in this Chapter that helped me understand the concepts more was the numerous Case studies. Case studies provide an in-depth example on the impact of a certain concept and it helps makes it easier to comprehend. As an example, the Case Study for rent control and minimum wage provided graphs to show the direct effects based on the new rules enacted by the government.
I found the concept of price ceilings and price floors particularly interesting because it shows laws that you would think is good for the economy actually bad. The example is minimum wage, where you would think that it is good for the lower class, but in the end, it results in a surplus of job seeking people and then, as a result, unemployment.
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