level: Level 1 of Chapter 6
Questions and Answers List
level questions: Level 1 of Chapter 6
| Question | Answer |
|---|---|
| The Government can set restrictions on prices of goods and services, these restrictions can be: | o Maximum price/ Price ceiling: Housing market: maximum rent Illegal to trade at a price higher than a specified level! o Minimum price/ Price floor: Labour market: minimum wages Illegal to trade at a price lower than a specified level |