Why Are the Long-Run Consequences of a Price Control Different

question 128

Essay

Why are the long-run consequences of a price control different from the short-run consequences of a price control? Be specific,and consider both price floors and price ceilings in your answer.

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Definitions:

Sufficient

Adequate to achieve a goal or meet a requirement without the need for more.

False Alternative

An informal fallacy involving presenting two options as the only possibilities when, in fact, more options exist.

Fallacy Of Context

A logical fallacy where the context of an argument is ignored or altered to make an unrelated point seem relevant.

Slippery Slope Fallacy

A logical fallacy in which a relatively small first step is assumed to lead to a chain of related events culminating in some significant effect, often exaggerated.