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2 years ago

why the introduction of maximum prices in the petrol industry will not be an ideals decision for the country's economy

1 answer:

3 0

The introduction of maximum prices in the petrol industry will not be an ideals decision for the country's economy because

a) if the maximum price is less than the equilibrium price, then it will cause a shortage in supply.

b) Petrol is essential for daily lives, without maximum pressure some people may not be able to buy the product.

<h3>What is Economy?</h3>

An economy is the large set of inter-related production, consumption, and exchange activities that aid in determining how scarce resources are allocated. It is defined as the management of financial matters for a community, business or family.

The economy of a country or region is the system by which money, industry, and trade are organized.

Learn more about economy here,

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why the introduction of maximum prices in the petrol industry will not be an ideals decision for the country's economy​

why the introduction of maximum prices in the petrol industry will not be an ideals decision for the country's economy