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Ryyrel

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Economics

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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?

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price ceiling is a goverment-imposed price control or limit on how high a price is charged for a product.Govenment impose price ceiling to control the maximum price that can be charged by suppliers for products .minimum wage laws in us were first introduced during 1930s in response to great depression.The result was falling in output,prices and lower employment level in U.S.The goverment of U.S also imposed a fixed price in fuel and rent of apartments in the year 1971-1973.it resulted in consumer protection and also hurt the investors.Ceiling helped in preventing certain price of important and basic commodities.I would recommend ceiling in a country which is strugling and suppliers are earning excess profits.

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