Asked by Dennis Manalo on May 27, 2024
Verified
One common example of a price ceiling is rent control.
Price Ceiling
A legally imposed maximum price on a good or service, above which it cannot be sold.
Rent Control
Government-imposed limits on the amount landlords can charge for renting out housing or apartments, intended to keep housing affordable.
- Scrutinize the application of rent control as a method of price restriction and its envisioned goals.
Verified Answer
MM
Michael MaherMay 27, 2024
Final Answer :
True
Explanation :
Rent control is a policy where a government sets a maximum amount that can be charged for renting out a dwelling, effectively creating a price ceiling on rents.
Learning Objectives
- Scrutinize the application of rent control as a method of price restriction and its envisioned goals.