Question

What is ceiling price?

Hint:

Ceiling prices are commonly imposed in markets like housing or essential goods to prevent price gouging during emergencies.

Answer 1

Step 1: Understanding ceiling price.
Ceiling price refers to the maximum price set by the government or regulatory authority that sellers can charge for a product or service. It is typically implemented to protect consumers from excessively high prices, especially in essential goods and services.

Step 2: Conclusion.
Thus, the ceiling price is the maximum allowable price for goods or services in a market.