Question
Price controls are often touted as a policy to help reduce inflation. In 1971, the United States was facing an inflation rate of 5.8%, which
Price controls are often touted as a policy to help reduce inflation. In 1971, the United States was facing an inflation rate of 5.8%, which led President Richard Nixon to impose a price ceiling on beef, poultry, and dairy. As a result of this, American farmers drowned their chickens and massacred their cows, without butchering them and selling the meat. Using a diagram, clearly explain why.
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