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Over concerns with rising food prices, Israel passed the Food Act in 2014
Over concerns with rising food prices, Israel passed the Food Act in 2014. The Act required supermarkets to post online all of the prices of products they sold in their brick-and-mortar stores. List one reason:
a. Why you think this regulation could lead to lower prices, and
b. One reason why you think it could lead to higher prices. Explain.
Expert Solution
a) One reason that will lead to lower prices of food as the supermarkets will post food prices in their respective website and customer making a comparison on the prices are unavoidable and the tendency is the customer will buy from a supermarket with cheaper prices and other supermarkets will follow suit to be more competitive in their prices.
b) One reason that will lead to higher food prices as the supermarkets may form a cartel and collusion on the higher food prices may be mandatory that will lead to increase profits.
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