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The government levies higher taxes on products such as tobacco and alcohol to promote healthier choices among citizens. Can you find out other goods where price controls have been set in place? What are the reasons for the same?
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Beyond the textbook: researched examples.
| Good or service | Type of control | Reason |
|---|---|---|
| Essential medicines | Maximum price (ceiling) | Keep treatment affordable |
| Heart stents | Maximum price (ceiling) | Stop overcharging patients for a life-saving device |
| Crops like wheat and rice | Minimum Support Price (floor) | Make sure farmers get a fair price |
| Labour | Minimum wage (floor) | Protect workers from low pay |
| Auto and taxi fares | Fares fixed by state governments | Protect passengers from overcharging |
