SS. Economics ; Supply
Question Description
Construct a demand and supply diagram on paper for the petroleum market and use it to explain what will happen if the government imposes price controls below the equilibrium price. Indicate how buyers and sellers will react to the incentives that result.
Question Description
Construct a demand and supply diagram on paper for the petroleum market and use it to explain what will happen if the government imposes price controls below the equilibrium price. Indicate how buyers and sellers will react to the incentives that result.