BIOLOGY 1A03 Lecture Notes - Zeppo Marx

• School: McMaster University
• Department: Biology
• Course: BIOLOGY 1A03
• Professor: Lovaye Kajiura

Document Summary

Policymakers choose to enact price controls in a market because a: enacting price controls will directly increase tax revenues. c. d. they are required by law to improve market conditions. they believe that the market system is inefficient and their actions will improve efficiency. Policymakers are led to control prices because a. b. c. d. they view the market"s outcome as inefficient. they view the market"s outcome as unfair. all politicians enjoy exercising their power. they are required to do so under the employment act of 1946. Price controls a. always produce an equitable outcome: always produce an efficient outcome. c. can generate inequities of their own, produce revenue for the government. A legal maximum price at which a good can be sold is a price floor. a. stabilization. b. c. support: ceiling. Chapter 6/supply, demand, and government policies (cid:0) 160.