Reference no: EM13896762
In contrast, read this blog post; according to the post, why might anti-gouging laws not increase social welfare, or at least why might they lead to consequences which are unintended by the government?
Select one:
a. They try to prevent high prices, but do nothing to address the greed of the price gougers, which is the root of the problem.
b. The long lines associated with them is evidence of a surplus or excess supply, so society devotes too many scarce resources to gasoline production than it otherwise would in absence of the law.
c. The laws may increase consumer surplus, but they also reduce producer surplus, so society is no better nor worse off having the laws than it is not having them.
d. They create shortages (excess demand), which necessitate waiting in long lines for "cheap" products. Also, goods are distributed in ways that may not reflect the need of the buyer.
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