The final Micro Year 12 Recap covers the topic of price controls.
Governments have a duty to protect the welfare of all economic agents across the economy and to prevent agents from being exploited by the forces of the market. One of the policy approaches a government can take is to impose a price control on the market, to ensure consumers are not exploited, and producers get a fair price for their production efforts.
Here Jacob guides you around the topic of Price Controls:
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