Question

Select the items that can describe a market with price controls.

a. equilibrium prices and quantities
b. government limits on price levels
c. efficient use of resources
d. minimum wage
e. rent control

Choose all that apply.

Answer 1

government limits on price levels

minimum wage

rent control

Step-by-step explanation:

odyssey ware

Answer 2

The items that can describe a market with price controls are:
b. government limits on price levels
d. minimum wage
e. rent control

These limitations were given to ensure that merchants and other businesses do not overprice goods and undervalue services. The price level and rents should be reasonable and the minimum wage must be sufficient to meet the basic needs of the person.