Responses

Please respond to classmate 1 and classmate 2 with 135 words each!
Classmate #1
Flexible prices will help create a healthy quantity vs demand environment. Static prices helps alleviate the situation of charging/paying more than something is worth. Take a tailor for example: You would get measured and can negotiate based on your knowledge of the market. This allows for a more competitive market based on supply and demand. Someone who charges 10x more than the average market, ceteris paribus, could destroy that individuals demand.

I think the government should not control the level of prices for anything; especially important products. If we create a chokehold for something like important goods, the supply and demand chain will surely be broken. Regulating the price of something like gasoline bypasses the supply portion of economics. The government could potentially plummet the demand for something if people deem the product too expensive. Controlling the prices of the products will also cause a negative reaction on the workplace environment for the people who provide the product. People’s wages in that industry would indirectly be controlled by the government. Another product deemed important would be healthcare. Healthcare quality is important; Bad healthcare is not negligible.

Classmate #2
Market Equilibrium is defined as the supply being the exact same amount as the demand. Realistically the supply and demand of an item will not stay the same for a long period of time. Our economy must continually change or fluctuate to our consumers needs and wants. With that being said I believe that it is important that our prices are flexible in our economy to help maintain an ideal supply and demand.

I believe allowing the government to control prices on important products could be dangerous for consumers. In our government today it seems like most of the government officials are money hungry. If we were to allow to the government to control products like gasoline, they would need to keep ethics in play. Having more freedom in our market allows us to have a say in what we want.

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