Chapter 3 - Price Controls
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Last updated 2:08 PM on 12/17/22
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5 Terms
1
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Price Controls
are imposed in order to keep prices from rising to the levels that they would reach in response to supply and demand.
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Prices rise
Happens when the amount demanded exceeds the amount supplied at existing prices.
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Prices fall
Happens when the amount supplied exceeds the amount demanded at existing prices.
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Price Phenomenon
Shortage can be defined as
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Hoarding
Individuals keeping a larger inventory of the price controlled goods than they would ordinarily under free market conditions, because of the uncertainty of being able to find it in future.
