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Explain whether the introduction of maximum prices by a government would solve the problem of scarcity?
The term "maximum price" refers to the highest price that one is allowed to charge for selling a product, or a service. Introducing a maximum price helps to solve the problem of scarcity by allowing more people the ability to purchase something that may be previously been out of their means.
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How does the introduction of maximum prices by a government would solve the problem of scarcity?
Introducing maximum prices by a government can help address scarcity by making essential goods more affordable for consumers, thereby increasing access. By capping prices, the government aims to prevent price gouging and ensure that low-income households can obtain necessary items during times of shortage. However, while this might temporarily alleviate some accessibility issues, it can also lead to unintended consequences, such as reduced supply, as producers may be disincentivized to produce goods at lower prices, potentially exacerbating scarcity in the long run.
How is price determined under imperfect market?
Remember under this market there's a government intervention.the Government determine the prices of the market by using the minimum(the minimum that the market can charge) and maximum wage(Maximum that the market can charge)
How did the US government control price increases for scarce goods?
During periods of scarcity, such as during World War II or the 1970s oil crisis, the U.S. government implemented price controls to curb inflation and stabilize the economy. This involved setting maximum prices for essential goods and services through the Office of Price Administration (OPA) or similar agencies. Rationing systems were also established to ensure equitable distribution of limited resources. These measures aimed to prevent hoarding and ensure that consumers could afford basic necessities despite supply shortages.
Define Micro economics and explain their merits and demerits?
microeconomics seeks to explain the working of individual prices, wages, particular industries. merits of microeconomics: 1. formulating economics policies and scare resource of the country 2. achieve maximum output with minimum input.
Explain why both short-term and long-term planning are important?
short term is financial asset used to run business at the market level whereas longterm is to invest to get maximum profit.
How does the introduction of maximum prices by a government would solve the problem of scarcity?
Introducing maximum prices by a government can help address scarcity by making essential goods more affordable for consumers, thereby increasing access. By capping prices, the government aims to prevent price gouging and ensure that low-income households can obtain necessary items during times of shortage. However, while this might temporarily alleviate some accessibility issues, it can also lead to unintended consequences, such as reduced supply, as producers may be disincentivized to produce goods at lower prices, potentially exacerbating scarcity in the long run.
What is the maximum sales tax on a used car in Illinois?
explain type of tax
Who gives maximum corporate tax to government of India?
Mubai
The Indian government gets maximum revenue from?
Corporate tax
What is the libertarian party slogan?
Minimum Government, Maximum Freedom
What are conservatism?
Conservatism is when the government doesn't like/want change and their is maximum government interference in your day to day life
Explain the effect of changing the angle of projection on the magnitude of maximum height?
"the higher the altitude the lower the range "
What is the maximum salary of a CNA?
15 dollars a hour and that's is a government job.
How long is the maximum parliamentary term for national government in Ireland?
5 years.
What do other parties observe after the government acceptance of disinvestment of PSEs?
Maximum transparency
Which direct tax gives maximum net revenue to the government?
income tax
How is price determined under imperfect market?
Remember under this market there's a government intervention.the Government determine the prices of the market by using the minimum(the minimum that the market can charge) and maximum wage(Maximum that the market can charge)
