A price ceiling is a government-mandated
A) minimum price below which legal trades cannot be made.
B) maximum price above which legal trades cannot be made.
C) minimum price above which legal trades cannot be made.
D) maximum price below which legal trades cannot be made.

Question

Quizplus · Accepted Answer

A price ceiling is a maximum price that can be charged for a good or service, set by the government. It is designed to make the good or service more affordable for consumers, but can lead to shortages or quality decreases if it is set too low.

A Price Ceiling Is a Government-Mandated