Asked by
Lache Queen
on Nov 17, 2024
Verified
When policymakers set prices by legal decree, they obscure the signals that normally guide the allocation of society's resources.
Policymakers
Individuals or groups responsible for making decisions and creating rules or laws that shape the governance, economy, and societal conduct.
Legal Decree
An official order issued by a legal authority with the force of law behind it.
Allocation Of Society's Resources
The distribution of a society's wealth and resources among its population and industrial sectors, often influenced by economic policies and priorities.
- Describe the intent and consequences of implementing price controls within markets and on economic health.
Verified Answer
EC
Learning Objectives
- Describe the intent and consequences of implementing price controls within markets and on economic health.