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Economic term for that law and the problem

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Your uncle says that the government should mandate a maximum price for gasoline. As an economist, explain to your uncle the economic term for that law and its potential consequences. Your cousin then proposes that there ought to be minimum prices for farm products "to be fair" to the growers. Explain the economic term for that law and the problem that economists would have with it. Work in the principles of demand, supply, surplus and shortage in both of your responses.

Reference no: EM132283832

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