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Market Equilibrium — Economics STD 12 Humanities & Commerce — Question

Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsMarket Equilibrium1 Mark
Question
What do you mean by price ceiling?
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Answer

Price ceiling means maximum price of a commodity that the sellers can charge from the buyers. Often the government fixes this price much below the equilibrium market price of the commodity, so that, it ecomes within the reach of the poorer sections of the society.

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