A maximum legal price is called:
A) a price support.
B) a price floor.
C) a price ceiling.
D) the parity price.

Question

Quizplus · Accepted Answer

A maximum legal price is called a price ceiling. This is a government-imposed limit on how high a price can be charged for a good or service. Price ceilings are typically put in place to protect consumers from excessively high prices, but they can also cause shortages and reduce the quality of goods and services.

A Maximum Legal Price Is Called