the government imposes a price control law which causes the market to trade at a new price, and at this price, the quantity demanded is less than the quantity supplied. what kind of price control did the government impose?

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26-10-2022
Business

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the government imposes a price control law which causes the market to trade at a new price, and at this price, the quantity demanded is less than the quantity supplied. what kind of price control did the government impose?

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baliyansmiriti baliyansmiriti · Answer 1 · 2022-11-03T13:12:50-04:00

The government imposes a price control law which causes the market to trade at a new price, and at this price, the quantity demanded is less than the quantity supplied. what kind of price control did the government impose an effective price floor.

When the authorities impose a restriction on how excessive a charge can go quantity demanded, something that economists name a “charge ceiling,” there are feasible outcomes. If the charge ceiling is above the charge that could have existed withinside the loose market, then the charge ceiling has no effect. Price ceilings are normally imposed at some stage in crises—wars, harvest failures, herbal disasters—due to the fact those occasions regularly result in surprising charge will increase that harm many human beings however produce massive profits for a fortunate few.

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