During a period of high inflation and rising prices for essential goods, the question arises whether governments should implement price controls. Mainstream economists strongly oppose this idea, citing concerns about market distortions, shortages, and temporary effectiveness. Policymakers too, show little enthusiasm for price controls, favoring targeted or temporary measures instead. While price controls have been used in the past, their success has been mixed. Currently, there are limited price controls in place, but the prevailing belief is that they are not the ideal solution for addressing inflation. Based on the above scenario, answer the following questions. 1. Discuss whether price controls have proven effective in managing inflation in real-world examples of countries that have implemented them. Using one such example, what implications did these controls have on the economy? 2. Explain the trade-offs resulting from these price controls in the context of market distortions, such as shortages or surpluses. 3. Explore and discuss any innovative strategies used by other countries to manage rising prices and inflation while maintaining market efficiency