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What is price celling

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What is price celling

Posted by Anshika Sharma 6 years, 10 months ago

CBSE > Class 11 > Economics

1 answers

Yogita Ingle 6 years, 10 months ago

Laws enacted by the government to regulate prices are called price controls. Price controls come in two flavors. A price ceiling keeps a price from rising above a certain level—the “ceiling”. A price floor keeps a price from falling below a certain level—the “floor”.

Price ceilings prevent a price from rising above a certain level.
When a price ceiling is set below the equilibrium price, quantity demanded will exceed quantity supplied, and excess demand or shortages will result.

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