When supply is less, demand is more, prices rise. So as to control this price as such, methods are used. That is price control. Price control can be achieved by law making and by increasing supply.What is price control in economics?
check out in an economics book.. it is more detailed.. i suggest book written by Campbell et al. you can find it there...
paalam!What is price control in economics?
';Price controls'; are usually governmental actions to override the market and to mandate reasonable prices for essential goods, in severe crises.
That is the usual meaning. But there are zillions of types of ';price control'; situations, favoring either the seller or the buyer. Play it safe - the first definition is what they want at the undergrad level.
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