A maximum legal price that may be charged for a particular good or service is known as a
A) price floor.
B) price ceiling.
C) black market.
D) price support.

Question

Quizplus · Accepted Answer

A maximum legal price is a price ceiling. This is different from a price floor (option A), which is a minimum legal price, a black market (option C), which is an illegal market for goods or services, and price support (option D), which is a government intervention to support a minimum price for a good or service.

A Maximum Legal Price That May Be Charged for a Particular