Answer to Question #266547 in Macroeconomics for ANVITHA

Question #266547

using appropriate diagram, show the concepts of ceiling price and floor price . 10marks



1
Expert's answer
2021-11-16T11:36:51-0500

A price ceiling is the maximum legal price that a product can be sold for. Apartments with rent controls are an example of a good with a price ceiling. A price floor is the lowest legal price for a good or service that can be paid.

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Comments

Anvitha
19.11.21, 03:30

Thank you

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