Why Do Many Consumers and Politicians Advocate for Price Controls

question 222

Multiple Choice

Why do many consumers and politicians advocate for price controls?

• A) Price controls are the only way for the poor to obtain certain goods when prices rise.
• B) Most consumers and politicians do not advocate for price controls, because they understand their negative consequences.
• C) Price controls appear to be a straightforward response to the problem of price increases.
• D) The gains in consumer surplus typically outweigh the loss in producer profits.

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Definitions:

Held The Office

Refers to the period during which an individual officially occupies a position of authority or public service.

Free Coinage of Silver

A political issue in the late 19th and early 20th century United States, advocating for the unrestricted minting of silver into currency, aimed at inflating the money supply and aiding debt-ridden farmers and small businessmen.

William Jennings Bryan

An American orator and politician from Nebraska, known for his populist views, running unsuccessfully for president three times as the Democratic Party nominee.

Presidential Election

The process by which a country’s citizens vote to select their head of state, in the case of the United States, through the Electoral College system.