Advantages of a maximum price | Black market & a maximum price | Calculations & a maximum price | Ceiling Price | Maximum Price Control | Reasons for a maximum price
Which of the following is most likely to result in a long-run shortage of a good or service?
The market equilibrium is $400. If the government imposes a maximum price of $250, quantity supplied will ___________, quantity demanded will __________ and the price will __________.
A __________ can be set by the government in the interests of consumers to make products more affordable.
A __________ can be set by the government in the interests of producers to protect them from volatile world prices.
Market equilibrium will occur:
What is the main disadvantage of a price control?
What are price controls?
If there is a shortage in the market then price will:
Which of the following will occur if the government establishes a price ceiling at P3?
A maximum (ceiling) price control set below the equilibrium for rental properties will __________ the number of houses available for consumers causing a __________.
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