control price is not determined in case of __
Answers
Answer:
The case for avoiding price controls in times of crisis
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Explanation:
Since the start of the COVID-19 pandemic and the initial stockpiling of food and other items, government regulation of the prices of basic food and medical goods has received significant attention.
In South Africa, the trade and industry minister introduced regulations to strengthen competition and consumer law enforcement against so-called excessive or unfair pricing during this period of national disaster.
The pricing regulations do not regulate prices explicitly, but seek to limit the extent to which prices respond to demand and cost factors during the disaster period. This has given rise to a flood of consumer complaints and a number of investigations by the competition authorities.
Tighter price regulation is popular in periods of extraordinary economic stress, such as war and following natural disaster. Edwin Cannan, who studied the efficacy of price controls during the first world war, described social views during disaster periods as follows:
Concept Introduction:
Governments can either put a floor underneath prices with measures like the minimum wage or limit price increases with price ceilings like rent restrictions. The table that follows provides some illustrations of typical pricing controls.
Explanation:
We have been given a question about control price.
We have to find out the control price is not determined in case of what.
Simply put, price restrictions are management restraints on market prices for goods and services. For both new contracts and contract modifications, cost analysis is the review of the individual components (such as labor, materials, etc.) that help compensate a contractor's overall cost proposal or price to ascertain whether they are generally acceptable, directed toward the requirement, and ultimately, reasonable.
Final Answer:
Control price is not determined in the case of cost control .
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