| Price control if not properly managed could be disastrous to the economy. It maynot only lead to higher prices in the long-run, but can even disrupt an industry. If pricesare not allowed to vary in response to greater risk, cost of production, and increasing costof staying in business, not enough producers would be encouraged to supply the product. | A Term Paper |
B I B L I O G R A P H Y
Philippine Institute for Development Studies, Economic Issue of the Day Vol. X no.2 (March 2010), "The Janus face of price controls"
The Business Star, “DTI Price Monitoring Scheme Now Underway In All Provinces,” May 17, 1989, p.
http://www.philstar.com/Article.aspx?articleid=538575 …show more content…
(4) "Panic-buying" is the abnormal phenomenon where consumers buy basic necessities and prime commodities grossly in excess of their normal requirement resulting in undue shortages of such goods to the prejudice of less privileged consumers;
(5) "Person" means a natural person or juridical person;
(6) "Prevailing price" means the average price at which any basic necessity has been sold in a given time within a month from the occurrence of any of the conditions enumerated under Section 6 of this Act;
(7) "Price ceiling" means the maximum price at which any basic necessity or prime commodity may be sold to the general public; and
(8) "Prime commodities" include fresh fruits; flour; dried processed and canned pork; beef and poultry meat; dairy products not falling under basic necessities; noodles; onions; garlic; vinegar; patis; soy sauce; toilet soap; fertilizer; pesticides; herbicides; poultry; swine and cattle feeds; veterinary products for poultry, swine and cattle; paper; school