Lecture Economics of social issues - Chapter 3: Government control of prices in mixed systems: What are the actual outcomes?
Lecture Economics of social issues - Chapter 3: Government control of prices in mixed systems: What are the actual outcomes?
Governments within mixed economies have regularly supplanted the market determination of prices with legally instituted prices. In some cases, governments dictate that goods and services may not be sold for more than a specific price—price ceilings. In other cases, just the opposite happens and governments set minimum acceptable prices price floors.