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A price control is a ceiling that is set by the government, which does not allow the price of a product to rise above a certain level. The reasons for setting price controls usually have something to do with a particular situation. For example, during a time of war, price controls may be set. Another reason could be a necessary commodity which has continued to rise in cost, making it prohibitively expensive for consumers.
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What is the definition of price control?
in economics price controls can be defined as a government enforced maximum or minimum price for essential goods such as bread and housing. Maximum price is a price ceiling and a minimum price enforced by the government is a price floor. A price control is a law passed by the government that dictates the price of a good or service. It can either put a price ceiling (saying the price cannot go above a certain point) or a price floor (saying the price cannot go below a certain point). An example of a price ceiling is price control of gasoline in the 1970s. An example of a price floor (albiet not a good one) is the US government's policy in the past to pay farmers not to farm certain crops in an attempt to keep the supply down and the price up.
How do you solve this The sales price of a car is 12590 which is 20 off the original price What is the original price?
marked price/original price =15,737.5
How do you find the difference between sales price and actual price?
Subtract the sales price from the actual price!
What does gross price and net price?
The gross price is the basic price. Adjust for any discuont, add any relevant taxes and you get the net price.
What does original price means?
Original price is the first price marked on an item before being changed to the new price
