Price control and Elastic
Question Description
Give an example of a good that has elastic demand. What is the value of the price elasticity if demand is elastic? Give an example of a good that has inelastic demand. What is the value of the price elasticity if demand is inelastic?
Please include links/sources with your posting.
Why do most economists oppose attempts to control prices? Why does the government attempt to control prices anyway in a number of markets?
Do a Google search and share some examples of price controls with your classmates (rent controls and Venezuela could be very interesting).
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