What is meant by price ceiling? …
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Posted by Lucky Meghwani 7 years, 8 months ago
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Shreya Sharma 7 years, 8 months ago
Price ceiling refers to the minimum price fixed by the government at a level lower than the equilibrium price fixed by the free forces of demand and supply.. as the govt the feels the prices fixed are too high for common people to afford.
Implications are
1. Black marketing- It refers to selling the commodity at a price higher than the price fixed by the government. It majorly arises due to the consumers who are not willing to leave the market without taking the product
2. Inflation- When the govt fixes the price of a commodity at a level lower than the equilibrium price.. it leads to a situation of excess demand.. which leads to inflation in an economy
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