Define price ceiling, Price ceiling : Price ceiling refers to the highest price fixed by

Define price ceiling

Price ceiling: Price ceiling refers to the highest price fixed by the government beneath the market determined price (that is, equilibrium price) so that requirements might be made accessible to the common people at a reasonable price. In India the government has obligatory price ceiling on essential items such as wheat, rice, sugar and so on.

View Complete Question

Related Questions in Microeconomics

Q : Long run in production theory Can

Can someone help me in finding out the most precise answer from the given options. The long run in the production theory is a period just long sufficient for: (i) Firms to totally differ all resources. (ii) Profits to be maximized. (iii) Marginal costs curves to be re

Q : Comparative advantage of growing fruits

The Oranges are grown-up in Florida and potatoes are grown up in Maine mainly as: (i) There is no orange-grower’s lobby in the Maine to save from harm and Maine oranges from the unfair competition. (ii) Potatoes are not eaten in the Florida. (iii) Maine consists

Q : Revenue receipts treated as legally

Which kind of revenue receipts are considered as legally compulsory payment imposed on people by the government? Give illustration also. Answer: Taxes imposed on th

Q : Economics surpluses drives price down,

surpluses drives price down, shortages drives them up

Q : Transfers to the poor in-kind Transfers

Transfers to the poor “in-kind” are probably to be favored over cash transfer payments through: (a) people who are skeptical that the poor can manage their income competently. (b) economists concerned with improving effici

Q : Fixed cost in long run Can there be

Can there be certain fixed cost in long run? If not why? Answer: No, there can’t be any fixed cost in long run. The main reason is that there is no fixed inpu

Q : Graphical relationship depicted by

Demand curves graphically depict the relationships which are: (i) Positive among the demand for a good and its relative price. (ii) Negative between the quantity demanded and the opportunity cost of a good. (iii) Positive between income and expenditures. (iv) A horizo

Q : Problem on Closed Shops Can someone

Can someone please help me in finding out the accurate answer from the following question. The firm which operates beneath a closed shop agreement: (i) Produces more gains than the firm beset through union strikes. (ii) Is less beneath organized labor's control than t

Q : Spending pattern in Substitution Effects

I have a problem in economics on spending pattern in Substitution Effects. Please help me in the following question. Even when your real income were held steady by adjusting for price modifications, your spending pattern would react to modifications in relative prices

Q : Oligopoly in market structure Unlike a

Unlike a monopolistically competitive firm, which an oligopoly is described by: (w) product differentiation. (x) extensive use of advertising. (y) conscious interdependence in decisionmaking by firms. (z) independence among firms.

Discover Q & A

Leading Solution Library

Avail More Than 1423690 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1931177
Asked

3,689

Active Tutors

1423690

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment