Difference between Price celling or Price …
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Yogita Ingle 6 years, 7 months ago
Price ceiling: Price ceiling means maximum price of a commodity that the seller can charge from the buyers the government fixes this price much below the equilibrium market price of a commodity. so that, it. becomes within the reach of the poorer sections of the society.
Price Floor: It means the minimum price fixed by the government for a commodity in the market. It seems paradoxical.
(i) Each firm employs labour up to the point where the marginal revenue product of labour equals the wage rate.
(ii) With supply curve remaining unchanged when demand curve shifts rightward (leftward). the equilibrium quantity increases (decreases) and equilibrium price increases with fixed number of firms.
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