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Who controls the price of gasoline?
the government controls the price of gasoline
What is the definition of price control?
in economics price controls can be defined as a government enforced maximum or minimum price for essential goods such as bread and housing. Maximum price is a price ceiling and a minimum price enforced by the government is a price floor. A price control is a law passed by the government that dictates the price of a good or service. It can either put a price ceiling (saying the price cannot go above a certain point) or a price floor (saying the price cannot go below a certain point). An example of a price ceiling is price control of gasoline in the 1970s. An example of a price floor (albiet not a good one) is the US government's policy in the past to pay farmers not to farm certain crops in an attempt to keep the supply down and the price up.
What is a example of a government price control?
minimum wage
How does the government inform and protect consumers?
the government can reduce the taxes on the commodities, it can also use price control that is price cealing
What is Statutory minimum price which is decided by government?
government want to statutory control over price of some specific commodity
What is the likely effect of this high demand on gasoline prices?
The Price of the gasoline with increase : D
What is the price of Gasoline in Warrenton, Mo. 63383?
What is the price of Gasoline in Warrenton Mo.
Which statement most accurately explains the effect pf competition among local gas stations on the price of gasoline?
The demand for gasoline will decrease. The price of gasoline will decrease. The supply of gasoline will increase. The price of gasoline will increase.
Which selection is an example of a government price control?
minimum wage
What was the price of gasoline in 1993?
Years ago the price of gasoline was very less expensive. For example in the year 1993 the price of gasoline was approximately $1.11 per gallon.
Who determines prices on products in Mexico?
The free market. On very few instances, such as gasoline, the government decrees an established price.
What is an effect of the government instituting a price of ceiling of 2.00 a gallon of gasoline?
Quantity demanded will be more than the quantity supplied.
