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Explain why shortages and surpluses are not temporary when price controls are used?
If the price ceiling is above the market price then there's no direct effect. If the price ceiling is set below the market price, then a shortage is created. :)
What is the usual result of price controls?
Price controls, such as price ceilings and price floors, often lead to market distortions. Price ceilings can create shortages, as the controlled price may discourage production while increasing demand. Conversely, price floors can result in surpluses, as the higher price may encourage production but reduce consumer demand. Overall, price controls can lead to inefficiencies and unintended consequences in the market.
Give an example of a price floor and a price ceiling and the purpose of the controls?
an example of a price floor is the minimum wage
Who controls the price of oil in the middle east?
Opec
What type of government controls the OPEC?
OPEC controls most of the worlds oil source.
Who controls the price of gasoline?
the government controls the price of gasoline
Explain why shortages and surpluses are not temporary when price controls are used?
If the price ceiling is above the market price then there's no direct effect. If the price ceiling is set below the market price, then a shortage is created. :)
What is the cost basis for Johnson Controls?
The cost basis for Johnson Controls is the original purchase price of an investment or asset, which is used to calculate capital gains or losses when the investment is sold.
What is the usual result of price controls?
Price controls, such as price ceilings and price floors, often lead to market distortions. Price ceilings can create shortages, as the controlled price may discourage production while increasing demand. Conversely, price floors can result in surpluses, as the higher price may encourage production but reduce consumer demand. Overall, price controls can lead to inefficiencies and unintended consequences in the market.
What controls price and availability in an industry?
monopoly
Give an example of a price floor and a price ceiling and the purpose of the controls?
an example of a price floor is the minimum wage
Who controls the price of oil in the middle east?
Opec
What type of government controls the OPEC?
OPEC controls most of the worlds oil source.
What BEST demonstrates the effect of artificial price controls on supply and demand?
Artificial price controls, such as price ceilings and price floors, disrupt the natural balance of supply and demand in a market. For example, a price ceiling set below the equilibrium price can lead to shortages, as demand exceeds supply, resulting in long lines and rationing. Conversely, a price floor above the equilibrium price can create surpluses, where supply outstrips demand, leading to wasted resources. These controls ultimately distort market signals and can lead to inefficiencies in resource allocation.
Diocletian tried to restore the roman economy with taxation and?
Price Controls
What did the agricultural industry want the government to do after the war?
get rid of price controls
What happened to the polish economy when price controls in Poland?
inflation soared
