A price ceiling means that:

Name: A price ceiling means that:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A price ceiling is a legal maximum price set by the government, which is below the market equilibrium price. It is usually imposed to protect consumers from high prices, especially in times of crisis or emergencies. However, it can lead to a shortage of the relevant product, as producers may not find it profitable to produce at such low prices. Therefore, it is often seen as a controversial and temporary measure.

A Price Ceiling Means That