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Price controls
PRICE CONTROLS

Definition: (economics) Restrictions that a government puts on the price of goods at particular times, such as when there is not enough of something, when there is a war, etc.
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* All seven elements would be in.


1. Purposeful and necessary - to achieve particular aim(s).

2. Legal. That is, thought vital and, therefore, backed by the force of law (connect to #1).
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3. Price is not lower than cost price.

4. Price is kept at over the production cost.
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5. Restriction lasts for only the duration of situation (see definition, to emphasize).

6. Restrictions do not lead to negative consequences such as hoarding, bootlegging, etc. That is, no unplanned loss arises from intervention.

7. Restrictions achieve objective(s) as hoped for. That is, control is enforced and goods are available at the fixed price(s), throughout the period.
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