Question

1. How is rent control an example of a price ceiling? 2. What predictable effects result from price ceilings such as rent control 3. How is the minimum-wage law an example of a price floor? 4. What predictable effects result from price floors such as the minimum wage? 5. What may happen to the amount of discrimination against groups such as families with children, pet owners, smokers, or students when rent control is imposed? 6. Why does rent control often lead to condominium conversions 7. What is the law of unintended consequences? 8. Why is the law of unintended consequences so important in making public policy

Answer 1

1) Rent control enables to limit the maximum amount of rent a tenant has to pay thus avoiding exploitation. This fixes the maximum price thus act as an example of price ceiling.

2)

>Protection of rights of the tenant

>curbs exploitation of poor tenants

>provides a level playing field

3)Price floor : It is the lowest price fixed by the government (or) organisation. This ensure any labour done by a person has the right to that minimum wage. Thus Minimum wages act legislated by the government act as an example of price floor.

4)

>Protection of rights of labours.

>curbs exploitation of labours.

>earning wage as a right.

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