According to the Textbook, Government Price Controls Fail Because

question 73

Multiple Choice

According to the textbook, government price controls fail because:

• A)they are not enforced.
• B)legislation cannot repeal basic economic motives.
• C)bureaucrats lack accurate market data.
• D)firms ignore the restrictions.

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Definitions:

Producing Units

Entities within an organization responsible for the creation of products or services.

Corn

A cereal plant that yields large kernels set in rows on a cob; an important crop for food, animal feed, and industrial products.

Bushel

A unit of volume used primarily in the United States for measuring agricultural commodities, equivalent to approximately 35.24 liters.

Marginal Costs

The additional cost incurred in producing one more unit of a good or service, critical in decision-making regarding production volumes.