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Essay / Research Paper Abstract
A 9 page research paper that examines the topic of price equilibrium as affected by price controls. This discussion, first of all, looks at the processes of supply and demand and how equilibrium price and output are defined and established. Then, this information is applied to the question of price controls and what would be the likely consequences of the government attempting through price regulation to change market equilibrium prices, using two recent examples, the energy crisis in California and the ongoing national debate concern the price of prescription drugs. Bibliography lists 4 sources.
Page Count:
9 pages (~225 words per page)
File: D0_khpricon.rtf
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Unformatted sample text from the term paper:
the general public to be "out of control," it generates a demand for the government to "do something." Doing something typically takes the form of price controls, which are intended
to benefit the consumer and keep a cap on items that are considered essential for public well-being. As this suggests, public pressure mounts for a political solution to an economic
problem, regardless of whether or not the public policy this engenders makes sense from an economic perspective. In this regard, a pertinent question to ask is if price controls actually
accomplish their purposes, that is, are they good for the public? Examination of this topic shows that most economists say "no." The following discussion, first of all, looks at the
processes of supply and demand and how equilibrium price and output are defined and established. Then, this information is applied to the question of price controls and what would be
the likely consequences of the government attempting through price regulation to change market equilibrium prices, using two recent examples, the energy crisis in California and the ongoing national debate concern
the price of prescription drugs. In economics theory, the equilibrium price of a product describes the point where the supply of an item equals the quantity of demand, that
is, it represents the price where both sellers and buyers are happy with both price and quantity (GCSE economics, 2004). For example, a candy manufacturer has determined that 250 candy
bars can be sold each week in a specific market at 35 cents apiece. When the item is priced higher, demand is less than the supply and when this price
is decreased, demand becomes greater than the supply, therefore, the price of 35 cents and the supply of 250 bars represents the equilibrium price for this item (GCSE economics, 2004).
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