What is a price ceiling?
What will be an ideal response?
A price ceiling is a maximum price that sellers can charge for a product.
Economics
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A surplus is said to exist when, at prevailing prices,
A) demand is greater than supply. B) quantity supplied is greater than quantity demanded. C) scarcity is eliminated. D) supply and demand are in harmonic equilibrium.
Economics
Refer to Figure 3-5. At a price of $5
A) there is a shortage of 4 units. B) there is a shortage of 6 units. C) there is a scarcity of 4 units. D) there is a surplus of 4 units.
Economics