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Price ceiling is a maximum legal price that sellers can charge for a product or service. True or False?
MrAndyProcter
True
Wiki User
∙ 8y ago
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How is price floor different from price ceiling?
A price floor is the minimum price set by the government where as a price ceiling is the maximum price sellers can charge for a good or service.
What are the importance of price ceiling?
A price ceiling is the legal maximum price that may be charged for a particular good or service.
What is a price ceiling and a price floor?
Price ceiling- a legal maximum price that may be changed for a particular good or service. Price floor- a legal minimum price below which a good or service may not be sold.
What is a price ceiling and what are its economic effects?
A price ceiling is the maximum amount that sellers can charge for a good or service (G/S). An example of this is rent in a large city like New York. Lets just say that the tenant can only charge $1500 a month for rent in one of his apartments (theoretically). This will cause a shortage in apartments because of the amount of people who can afford the rent, and the amount of tenants who take their apartments off of the market because they will actually lose money if they rent it out. With the lower monthly payments for rent, the tenants will be reluctant to make repairs on the apartment due to how much they actually receive. There will also be a rise in black market activity for apartments, the renter will pay extra for rent under the table. Price Ceiling = Shortage, Decrease in Quality, Black Market Activity, and Discrimination
What is an reserved auction?
The direct opposite of a traditional auction. The bidders list their product or service requirements and the maximum price they are willing to pay for it. Potential sellers who can provide the good or service reverse bid against each other by posting their bids for buyers. The bidder offering the requested products or services at the best price wins the bid.
How is price floor different from price ceiling?
A price floor is the minimum price set by the government where as a price ceiling is the maximum price sellers can charge for a good or service.
What is service ceiling of an aircraft?
The service ceiling of an aircraft is the maximum altitude that the aircraft can safely maintain.
What is the maximum altitude of a Boeing 777?
Service Ceiling: 43,100ft (13,140m)
A maximum amount that can be legally charged for a good or service?
price ceiling.
What are the importance of price ceiling?
A price ceiling is the legal maximum price that may be charged for a particular good or service.
What is the maximum cruising altitude of a 747?
The service ceiling of a Boeing 747 is 43,000 ft. The maximum is 45,000 ft.
What is the maximum altitude that a airbus A330 can fly in the air?
The maximum service ceiling for the Airbus A330 is 42,650ft (13,000 metres).
Is a small-denomination item a product or service that is hard to distinguish from the same product or services provided by other sellers?
yes
What are the importance of pricing?
A price ceiling is the legal maximum price that may be charged for a particular good or service.
What is maximum altitude?
There are two types of maximum altitude. The first is set by the FAA and is known as Service Ceiling and the second is the maximum altitude, above sea level, at which an aircraft can maintain horizontal flight under standard atmospheric conditions. This is called Absolute Ceiling. Absolute ceiling is also affected by another factor: weight.
What is a price ceiling and a price floor?
Price ceiling- a legal maximum price that may be changed for a particular good or service. Price floor- a legal minimum price below which a good or service may not be sold.
What is a price ceiling and what are its economic effects?
A price ceiling is the maximum amount that sellers can charge for a good or service (G/S). An example of this is rent in a large city like New York. Lets just say that the tenant can only charge $1500 a month for rent in one of his apartments (theoretically). This will cause a shortage in apartments because of the amount of people who can afford the rent, and the amount of tenants who take their apartments off of the market because they will actually lose money if they rent it out. With the lower monthly payments for rent, the tenants will be reluctant to make repairs on the apartment due to how much they actually receive. There will also be a rise in black market activity for apartments, the renter will pay extra for rent under the table. Price Ceiling = Shortage, Decrease in Quality, Black Market Activity, and Discrimination
