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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.
Wiki User
∙ 15y ago
Wiki User
∙ 16y agoIts a system of pricing determined by the government {for food}. :D
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