Impacts of Government Intervention - PriceCeilings: Longlineups:,sotherefore,therewill BlackMarket:illegal

Impacts of Government Intervention - PriceCeilings:...

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Impacts of Government Intervention Price Ceilings:    a restriction placed by the gov’t in order to prevent the price of a product from  rising above a certain level Long line ups:   there will be low price and shortages of supply, so therefore, there will  be long line ups for products Black Market:   illegally set up market to sell goods for a price above the price  ceilings…some people will buy the goods at a higher price because supply is not great  enough Low Product Quality:   sellers must cut costs to make money, so therefore goods will be  bad quality Price Floors:    a restriction that prevents a price from falling below a certain level When there is a surplus of goods, the gov’t will buy and export it.  Taxpayers are  supplying the money that the gov’t uses and we never really get a return
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  • Spring '12
  • Vallier
  • Economics, #, Character creation, Experience point, Long line ups, Intervention Price Ceilings

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