In 1994, 565 economists sent President Bill Clinton a letter warning against the economic consequences of price controls that played such a prominent role in his healthcare reform plan. The price controls included mandated fee schedules for a fee for service medical plans, perspective budgets for regional health alliances, increases in health insurance premiums tied to the cost of living, and price ceilings on prescription drugs. Discuss the economics of price controls. Under what circumstances do they accomplish their intended purpose?  When do they fail?

Q: Complete the following table by indicating whether each of the statements is an example of a price…

A: Price floor is a minimum price at which a seller can sell a commodity. The government uses a price…

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A: Equilibrium is achieved at the output level where quantity demanded equals quantity supplied.

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A: Answer to the question is as follows:

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Q: Are modern price controls such as ceiling and floors, similar? Why or why not?

A: Price ceiling is below equilibrium price level.

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A: Price ceiling is the legal maximum price that can be charged for a good or service.

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A: Price floor is a legal maximum on the price at which a good can be sold.

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A:

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A: Equilibrium is achieved where the wage is equal to labor.

Q: Explain why economists usually oppose controls on prices.

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Q: What is the definition of a price ceiling?

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Q: why price control did not work for sugar? Does it work for other commodities? Why or why not?

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Q: Are modern price controls such as ceiling and floors, similar? Why or why not?

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A: Market Efficiency is described in three ways : Allocative informational, Operational

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A: