A price ceiling represents
A. a minimum price that can be legally charged for a good or service.
B. a first come, first served mechanism for controlling prices.
C. a maximum price that can be legally charged for a product or service.
D. a lottery imposed upon producers by the government.
Answer: C
Economics
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Constructing the CPI involves which of the following stages? i. conducting the monthly price survey ii. converting the CPI to an international index iii. selecting CPI market basket
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