concepts
type: Collection
type: ConceptGroup
member: price controls

financial management
type: Concept
narrower: price controls

libertarianism and policy
type: Concept
narrower: price controls

price adjustments
type: Concept
broader: price controls

price controls
type: Concept
broader: libertarianism and policy
broader: financial management
definition: Price controls are said to exist whenever government mandates a maximum price (“price ceiling”) above which a good or service cannot legally be sold or a minimum price (“price floor”) below which a good or service cannot legally be sold.Price ceilings attempt to lower the cost to the consumer of acquiring the price-ceilinged product, whereas a price floor attempts to increase the return received by sellers of the product in question. Both schemes achieve outcomes opposite of their objectives.In markets without price controls, prices are determined by the interaction of the voluntary purchase and use decisions of buyers (“demand”) with the voluntary production and sales decisions of sellers (“supply”). [Source: The Encyclopedia of Libertarianism; Price Controls]
narrower: pricing
narrower: price mechanisms
narrower: price adjustments

price mechanisms
type: Concept
broader: price controls

pricing
type: Concept
broader: price controls