A video lecture explaining how instituting a price ceiling lower than the equilibrium price reduces the total surplus (dead weight loss). [11:27]

Video lesson describes how the government attempts to control prices through price ceilings; an example being rent control on apartments. [4:51]

Price controls have the potential to reduce total surplus. In this video [11:11] we step through some details on how one kind of regulation, a price ceiling, can reduce economic efficiency. A real world example of a price ceiling is rent...