A pretzel-stand owner in Chicago hires workers to make hot pretzels and sell them to customers. If the firm is competitive in both the market for pretzels and in the market for pretzel-makers, then it has A. no control over the price of pretzels but some control over the wage it pays to its workers. B. some control over both the price of pretzels and the wage it pays to its workers. C. some control over the price of pretzels but no control over the wage it pays to its workers. D. no control over either the price of pretzels or the wage it pays to its workers.

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Price Ceilings and Price Floors

Price Ceilings and Price Floors strategy is used by the Government to control the prices of certain goods and services in the market. This method helps the Government to protect the interests of both buyers and suppliers in difficult economic times.