Asked by Jaquez Hoskins on Jun 30, 2024
Verified
Most economists are in favor of price controls as a way of allocating resources in the economy.
Price Controls
Government-imposed limits on the prices that can be charged for goods and services in the market, typically including price ceilings and price floors.
Economists
Professionals who study how goods and services are produced, distributed, and consumed, analyzing economic issues and trends.
- Investigate the merits and demerits of implementing minimum wage laws and other forms of price controls.
Verified Answer
LG
Lauren GonzalezJul 01, 2024
Final Answer :
False
Explanation :
Most economists generally oppose price controls because they can lead to inefficiencies in the market, such as shortages or surpluses, by distorting the natural function of supply and demand.
Learning Objectives
- Investigate the merits and demerits of implementing minimum wage laws and other forms of price controls.