Advantages of a maximum price | Black market & a maximum price | Calculations & a maximum price | Ceiling Price | Maximum Price Control | Reasons for a maximum price
A government introduces a maximum price renting houses (P max H) and a minimum price for bread producers (P min B). Which diagram illustrates that the minimum price will be ineffective and the maximum price will be effective in the respective markets?
Which of the following diagrams shows excess demand at price P?
Market equilibrium will occur:
The government wants to protect consumers from paying unreasonably high prices for goods or services. One option is to impose a price control. What is the correct economic term for this option?
With reference to the diagram, related to a maximum price control, which statement is incorrect?
What is the name given to the government measure that prohibits price automatically moving back to the equilibrium as it would in the free market?
If a maximum price is removed, this will result in allocation by:
An illegal trading arrangement in which buyers and sellers do business at a price higher than the legally imposed price ceiling is termed a?
A maximum (ceiling) price control is set in the interests of the __________ and to be effective must be set __________ the equilibrium price.
What is the main disadvantage of a price control?
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