Asked by
yeong hong hao
on Oct 26, 2024
Verified
A price ceiling is:
A) a maximum price sellers are allowed to charge for a good or service.
B) the difference between the quantity supplied and quantity demanded.
C) a minimum price buyers are required to pay for a good or service.
D) the deadweight loss caused by an inefficiently low quantity.
Price Ceiling
A legal maximum price that can be charged for a good or service, intended to protect consumers from high prices.
- Develop an understanding of the rationale and consequences of price controls, like ceilings and floors, on the dynamics of goods and services markets.
Verified Answer
AF
Learning Objectives
- Develop an understanding of the rationale and consequences of price controls, like ceilings and floors, on the dynamics of goods and services markets.
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