Question

who are the beneficiaries of Price ceiling and price floor on certain commodities.?​

Answer 1

Answer:

Those who manage to purchase the product at the lower price given by the price ceiling will benefit, but sellers of the product will suffer, along with those who are not able to purchase the product at all.

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Answer 2

Price Celing

• Price Ceiling refers to setting up a higher limit for the price of a commodity till which it can go up.
• It benefits the customers by stopping the price at a certain level so that they can buy the product without the producer charging a very high amount.

Price Flooring

• Price Flooring is the lower limit for the price of certain products.
• This protects the produces the product by setting up a minimum price for a product so that they do not have to face extreme losses.