Question

Which of the following is a government price control? (4 points) Farm subsidies Minimum wage Research funding Union actions

Answer 1

The correct answer is Minimum wage. Price control is government established legal minimum or maximum price set for specified goods or items.

Out of the four options Farm subsidies, Minimum wage,

Research funding or Union actions, Minimum wage is the only one which fits the definition. This is because the government sets a minimum wage that cannot be legally changed by employers.

Answer 2

The correct answer is: Minimum Wage.

Price controls are constraints made by the government over the prices of goods and services. There are two types of price control: price ceiling, the maximum price that can be demanded, and price floor, which refers to the minimum required price (this kind includes minimum wages).