A price control is a government-mandated price that may either be greater or less than the market equilibrium price.
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Subject 6. Market Interference: The Negative Impact on Total Surplus market mechanism is often deemed to be unfair: buyers complain that the price is too high, while sellers believe that it is too low. In such cases, the government may regulate the price of the good or service. This is known as price control. <span>A price control is a government-mandated price that may either be greater or less than the market equilibrium price. Price ceilings and floors are two types of price controls.
A Price Ceiling
A price ceiling is a legal restriction that prohibits exchanges at prices gr
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