Question

In book , Micro Economics by Radha Bahuguna , its clearly written that maximum price ceiling refers to price ceiling and minimum price ceiling refers to price floor. I have confirmed this from book Micro Economics By Radha Bahuguna... Please check it once again...

Answer 1

Answer:

1. In many markets for goods and services, demanders outnumber suppliers. Consumers, who are also potential voters, sometimes unite behind a political proposal to hold down a certain price. In some cities, such as Albany, renters have pressed political leaders to pass rent control laws, a price ceiling that usually works by stating that rents can be raised by only a certain maximum percentage each year.

Explanation:

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