• Back in the 1970s, following the end of the Vietnam War and the 1973 oil embargo by OPEC on western oil supplies, prices and wages were in disarray. Inflation set in too. To bring temporary stability to the economy, the government imposed wage and price controls. This in a sense created both price ceilings and price floors. This also created havoc with those mechanisms that allocate resources efficiently in the market. As such, supply and demand curves could not be brought into equilibrium. please explain why markets could not be held in equilibrium for long periods of time due to the controls.