Concept Introduction:
Price Control: They are some types of restrictions on the range of price in the market which are generally imposed by the government to protect the interest of consumers and producers. They are generally of two forms:
Quota: It is the limit on the supply of goods in the economy. Due to quota, there is the difference between the price received by producer and given by consumer known as a wedge.
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MACROECONOMICS W/ ACHEIVE ACCESS LL
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