Related to the Economics in Practice on p. 81: The initial price of $0 for the Shakespeare in the Park tickets is akin to the city of New York ________ the tickets.
A) issuing a price floor on
B) issuing a price ceiling on
C) issuing ration coupons for
D) assigning favored customer status for

Question

Quizplus · Accepted Answer

Issuing a price ceiling on the Shakespeare in the Park tickets means that the city of New York is setting a maximum price that can be charged for the tickets, which in this case, is $0. This is similar to a price ceiling, which is a government-imposed limit on the price of a good or service in order to make it more affordable for consumers.

Related to the Economics in Practice on P