Suppose a massive snowstorm hits Michigan and Wisconsin, knocking out power. This leads to a huge...
Suppose a massive snowstorm hits Michigan and Wisconsin, knocking out power. This leads to a huge shortage of generators Michigan has price-gouging laws in place, while Wisconsin does not. Which state will recover from its generator shortage more quickly?
1-Michigan will recover more quickly because prices can adjust to make businesses willing to invest in ice production.
2-Wisconsin will recover more quickly because prices can adjust to make businesses willing to invest in ice production.
3-Wisconsin will recover more quickly because the antigouging laws create incentives to invest in ice production.
4-Michigan will recover more quickly because the antigouging laws create incentives to invest in ice production.
Homework Answers
"B"
Price gauging laws make it difficult for the firms to raise the price in the market. if the price cannot be increased it will lead to low investment and recovery will be delayed. Wisconsin will recover more quickly because prices can adjust to make businesses willing to invest in ice production.
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