Asked by Jamie Flexer on Jun 01, 2024
Verified
A price ceiling imposed by the government is intended to benefit the sellers of the product.
Price Ceiling
A legally established maximum price for a good, or service. Normally set at a price below the equilibrium price.
Sellers
Individuals or entities that offer goods or services for sale in the market, playing a key role in determining the supply conditions.
- Acquire knowledge on the consequences of government interferences, like subsidies or price limits, on the supply and demand in markets.
Verified Answer
SM
SaRiah's MommyJun 05, 2024
Final Answer :
False
Explanation :
A price ceiling is intended to benefit the consumers by keeping prices below a certain level, making the products more affordable.
Learning Objectives
- Acquire knowledge on the consequences of government interferences, like subsidies or price limits, on the supply and demand in markets.