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Explain the effects of a price …

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Explain the effects of a price ceiling

Posted by Sahil Rana Rana 6 years, 8 months ago

CBSE > Class 12 > Economics

2 answers

Rajat Katkani 6 years, 8 months ago

Price ceiling is a situation where the government imposes a maximum price limit to be charged by the consumers it is generally below the market equilibrium price it creates situation of excess demand and hence to cover this excess demand government starts rationing of it the implications of price ceiling are first establishment of fair price shops or ration shops secondly it leads to the existence of black market as government also sets the maximum quantity of a commodity to be purchased by a consumer so consumers who want more quantities then that of fixed by the government they are ready to purchase it at a higher price set by the government

K Uma Mahesh 6 years, 8 months ago

Extension of demand Contraction of supply

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