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Answer to Question #97987 in Economics of Enterprise for Vincent Gomez
Question #97987
Give three examples of the price ceiling and discuss its effects.
Expert's answer
Price ceiling is the maximum price for some goods that is established by the government in order to keep them affordable, for example gasoline, rents in some cities, or some necessity goods (bread, bottled water) during the natural disasters. If the price ceiling is lower than the equilibrium price, it creates shortage on the market
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