Question
Based on the EconTalk podcast: A) Explain how an Anti-Gouging Law acts as a price ceiling only in emergency situations, while being neutral most of
Based on the EconTalk podcast:
A) Explain how an Anti-Gouging Law acts as a price ceiling only in emergency situations, while being neutral most of the time.
B) Explain why both economists in the podcast think that price ceilings are detrimental to the market in emergency situations.
C) In early 2020, when the pandemic started, many people were outraged at sellers of hygiene products such as masks and hand sanitizer, needed to mitigate coronavirus risk, because prices for these items increased considerably with respect to their pre-covid prices. Indeed, you might remember that the prices did increase in the first weeks, the items became impossible to find, but now are mostly available. What was your opinion of these sellers at the beginning of the pandemic? Did the podcast change your mind? Explain why or why not. Note: feel free to express your opinion for this part, either position could be defended using arguments from the podcast, but make sure to clearly articulate your arguments. link: https://www.econtalk.org/munger-on-price-gouging/
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