Price ceiling and price floor
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Gaurav Seth 7 years ago
Price ceiling It means maximum price of a commodity that the sellers can charge from the buyers. It is fixed by the government to protect the consumers and generally fixed below the equilibrium price.
(ii)Price floor It means the minimum price fixed by the government for a commodity in the market at which a good can be sold. It is fixed in order to protect the producers and generally fixed above the equilibrium price.
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