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Homework answers / question archive / A maximum price, set by the government, that sellers may charge for a good is known a A) a price floor B) a price rationing mechanism

A maximum price, set by the government, that sellers may charge for a good is known a A) a price floor B) a price rationing mechanism

Economics

A maximum price, set by the government, that sellers may charge for a good is known a A) a price floor B) a price rationing mechanism. C) a price ceiling D) a subsidy.

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Ans..(c) a price ceiling

Price ceiling is the maximum price that can be charged by the sellers for a particular commodity which is set by the government due to excess demand in the market. Price ceiling always occurs below the equilibrium price.

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