Merits of Price Control in the Economy

Maximum price maintains price stability in the market i.e. controls inflation tendencies because producers cannot charge price above the set price.
Maximum price helps to restrict or control monopoly powers. Thus exploitative tendencies of monopolies are checked.
Maximum price minimizes the exploitation of the consumers by the producers.
Maximum price protects the low income groups, i.e. it maintains the standard of living for the poor groups (consumers) by reducing the cost of living,
Minimum price leads to increased output (production) and employment opportunities in the economy, especially in case of minimum price
minimum price protects' producers from being exploited or underpaid by the :consumers or buyers of their products.
minimum price enables producers-to realize stable incomes.
Maximum price helps to establish industrial peace where prices of products and wages are controlled,
Minimum price may discourage the consumption of undesirable or harmful products in the economy
Minimum price motivates the producers by giving them incentives to continue working.
Minimum price may help an economy to offset an economic depression or recession, e.g. in case of minimum price.
Minimum price helps to achieve equitable (fair) distribution of incomes in the economy i.e. reduced income inequality.
Maximum price helps to make commodities available. to all groups of people in the economy.