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In the early 1970s, inflation was hitting the U.S. economy, and one of the results was...

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Economics

In the early 1970s, inflation was hitting the U.S. economy, andone of the results was that beef prices began to rise to recordlevels. Some of President Richard Nixon's advisers urged him toplace price controls on the sale of beef cattle with the intendedpurpose being to hold down the price of cattle. If cattle priceswere kept from rising, the advisers reasoned, then beef prices alsowould not rise. (The president did not follow theirrecommendations, but he did place overall wage and price controlson the economy for a while.) Had the president implemented thisrecommendation of price controls on beef cattle, would that actionhave resulted in lower beef prices? Why or why not?

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4.4 Ratings (730 Votes)
The market always corrects itself Since cattle prices were rising more and more people would have wanted to join the business increasing the supply of cattle The rising prices high demand and high supply would have eventually come to an    See Answer
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