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Economics
Tutor: None Selected Time limit: 1 Day

Give a time where the government applied a price ceiling and what was the purpose for it and what was the outcome over time? Would you recommend a price ceiling in that case?

Aug 13th, 2015

Thank you for the opportunity to help you with your question!

Thank you for the opportunity to help you with your question!

the government does apply price ceiling when the highest price is charged on a product. The price is charged below or above the equilibrium point. This is to enable the consumers to afford the product. i would not recommend it since it brings about the issue of rationing and shortages of products as it does not restrict the forces of demend and supply in the market economy.

Please let me know if you need any clarification. I'm always happy to answer your questions.Please let me know if you need any clarification. I'm always happy to answer your questions.
Aug 13th, 2015

you did not give me an example?

Aug 13th, 2015

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