Prompt #2: Government Control of Prices
In this module, you have learned that the government may occasionally want to intervene into the price-setting mechanism of the free market. Imagine that there is a large increase in the Demand for a necessity. Debate the merits of using a price ceiling to lower the price or prevent the price from increasing.
Consider the following in your post:
What would be the argument against allowing market forces to increase the price of the item?
What would be the result if the price ceiling was below the equilibrium price?
What do you think might happen to the quantity consumed of this item? Explain.
Could you possibly think of a way for policymakers to prevent an undesirable price increase while also keeping the market in equilibrium?
Discuss some examples where there could be an excess demand for a product and where a large price increase is undesirable.
Cite any articles or outside information used in APA format.
What would be the argument against allowing market forces to increase the price of the item?
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