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Question: From time to time, including but not limited to the 1971-3 experience in the US, wage and price controls have been imposed to reduce inflation. Yet when these controls were eventually lifted, the price index quickly rose to a level that was even higher than would have been the case without controls. Explain why that happened.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M93114959

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