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minimum wage
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What is a example of a government price control?
minimum wage
Give an example of a price ceiling and an example of a price floor?
Price cealing: rent control Price floor: minimun wage
Is an example of a government price control.?
What principle refers to the fact that a person is prevented from consuming private goods unless he or she pays for them
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 a example of a government price control?
minimum wage
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.
Give an example of a price ceiling and an example of a price floor?
Price cealing: rent control Price floor: minimun wage
Is an example of a government price control.?
What principle refers to the fact that a person is prevented from consuming private goods unless he or she pays for them
What is Statutory minimum price which is decided by government?
government want to statutory control over price of some specific commodity
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
Government may hold down the price of apartments with?
rent control
An example of price floor?
A price floor is government imposed limit on how low a price can be charged for a product or service. An example of a price floor in the US are minimum wage laws. The government has set the minimum wage that a company can pay an employee.
What is price control?
A price control is a ceiling that is set by the government, which does not allow the price of a product to rise above a certain level. The reasons for setting price controls usually have something to do with a particular situation. For example, during a time of war, price controls may be set. Another reason could be a necessary commodity which has continued to rise in cost, making it prohibitively expensive for consumers.
What is a price floor?
A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, good, commodity, or service.
When many companies over charge for their product what do the federal government establish?
price control
How can a government control private companies who wishes to develop an area?
It is usually that they do this by raising taxes to control the companies who would expand space, for example raise the land price or make boundary laws so the company couldn't expand anymore
