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Answer to Question #78089 in Economics of Enterprise for EMMANUEL S.MARAH
Question #78089
Using diagram distinguish between a minimum price and maximum price. Outline the effect of each price control.
Expert's answer
Minimum and maximum price are the price limit that is used by the government to regulate market demand.
On the diagram we can see that the minimum price is set above the normal equilibrium price of the free market, and the maximum price is lower.
The maximum price control is used by the government to increase the demand for the product, and minimum price control - to ensure the supply of the required product.
On the diagram we can see that the minimum price is set above the normal equilibrium price of the free market, and the maximum price is lower.
The maximum price control is used by the government to increase the demand for the product, and minimum price control - to ensure the supply of the required product.
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