Commentary help?

[Guest SlimShadyFan]

I'm writing a commentary on an article about price controls. I wrote "Another way to make the good affordable is by setting a price ceiling on the good, which is a maximum price set usually below the equilibrium price, to prevent producers from selling above it."

Now my question is whether I have to define equilibrium price or not. If yes, how? I'm a bit stuck here.

Thank you.

[wireman]

I don't think you'd have to define equilibrium price. Defining a price ceiling correctly should be enough I think.

[wireman]

I myself am not focussing too much on definitions for my commentaries. I have omitted definitions of simple concepts of demand and supply.

[Guest MarkoMilicevic]

Hey!

You could just say: "Another way to make the good affordable is by setting a price ceiling on the good, which is a maximum price set usually below the market clearing price (where the quantity supplied equals the quantity demanded) , to prevent producers from selling above it."