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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.
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That means that there is a discount (a price reduction, compared to the "official" price), and that this reduction is calculate as a percentage of the total price.
What is the definition if unit rate?
An objects quantity at the price of 1.
What is the definition of profit and loss in mathematics?
Profit:If the selling price(S.P.)of an article is greater than the cost price(C.P.), the difference between the selling price and cost price is called a profit. loss:If the selling price (S.P.) of an article is less than the cost price(C.P.),the difference between the cost price and selling price is called loss.
What is the definition for the word manipulate?
To influence or manage shrewdly or deviously, or to move, operate, or control by the hands
What is price control?
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.
