The problem with a price ceiling on gasoline
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Given the problem with gasoline prices that we faced not so long back, do you think the government should have intervened and imposed a price ceiling? What would have been the economic effects of this? Discuss the pros and cons.
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Solution Summary
The problem with a price ceiling is identified briefly.
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The problem with a price ceiling is that it would have caused a shortage. If the price of oil is based on demand and supply, then the market ...
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