Question

Pick up at least three real life examples from Pakistani markets, where Government had given price ceilings and price floors in order to facilitate consumers and producers for unfair prices. Conclude your report by providing effectiveness of these price controls. plz plz very urgent it is
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Answer 1

Governments have been trying to set maximum or minimum prices since ancient times. The Old Testament prohibited interest on loans to fellow Israelites; medieval governments fixed the maximum price of bread; and in recent years, governments in the United States have fixed the price of gasoline, the rent on apartments in New York City, and the wage of unskilled labor, to name a few. At times, governments go beyond fixing specific prices and try to control the general level of prices, as was done in the United States during both world wars and the Korean War, and by the Nixon administration from 1971 to 1973.

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