A price ceiling is typically set below the equilibrium price.s

Name: A price ceiling is typically set below the equilibrium price.s
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A price ceiling is a government-imposed limit on the price that can be charged for goods or services. It is typically set below the equilibrium price in order to make the goods or services more affordable for consumers. At the price ceiling, there will be excess demand or a shortage, as the quantity demanded will exceed the quantity supplied.

A Price Ceiling Is Typically Set Below the Equilibrium Price