Asked by
Vanessa Gillespie
on Nov 17, 2024
Verified
A price ceiling is a legal minimum on the price at which a good or service can be sold.
Price Ceiling
A government-imposed limit on how high the price of a product can be charged in the market, usually to protect consumers.
Legal Minimum
A legally established lower boundary on the price at which a good or service can be sold in the market.
- Identify the impact of government regulation on markets, particularly through the use of price ceilings and floors.
Verified Answer
JB
Learning Objectives
- Identify the impact of government regulation on markets, particularly through the use of price ceilings and floors.