Price gouging, or large increases in the prices of essential goods during an emergency, is illegal in 34 states. Laws against price gouging are essentially ________, set at the price of a good before the emergency began, and result in a ________ of the good. price floors; surplus price floors; shortage price ceilings; surplus price ceilings; shortage
Price gouging, or large increases in the prices of essential goods during an emergency, is illegal in 34 states. Laws against price gouging are essentially ________, set at the price of a good before the emergency began, and result in a ________ of the good. price floors; surplus price floors; shortage price ceilings; surplus price ceilings; shortage
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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