A price ceiling is
A) the lowest price a seller can charge for a good without losing all her customers.
B) a legal minimum price that can be charged for a particular good or service.
C) a legal maximum price that can be charged for a particular good or service.
D) the lowest price a buyer can pay for a good without having to report the purchase to the government.

Question

Quizplus · Accepted Answer

A price ceiling is a legal maximum price that can be charged for a particular good or service. It is designed to protect consumers and ensure that they have access to essential goods and services at affordable prices. A price ceiling is typically imposed by the government and can apply to a variety of goods and services, including rent, utilities, and food.

A Price Ceiling Is