A price ceiling is the maximum amount that sellers can charge for a good or service (G/S). An example of this is rent in a large city like New York. Lets just say that the tenant can only charge...
The following are the main effects of price ceiling and rationing: 1. Beneficial for Poor Consumers:A well managed rationing system enables the poor section of the society to get the commodities...
Price ceiling- a legal maximum price that may be changed for a particular good or service. Price floor- a legal minimum price below which a good or service may not be sold.