PRICE CONTROL

maximum price also known as

• Floor price

• Door price

• Window price

• Ceiling price

what are the problem exists when price is below the equilibrium

• surplus

• minimum

• shortage

• maximum

Minimum price is set to protect

• Producer

• Teacher

• Lawyer

• Consumer

what are the disadvantage from the implementation of price regulation as shown in the diagram

• the income of producers of farmers is protected

• the government may store or keep surplus of goods

• low paid workers are better off

• lead to wastage of resources

Which of the following essential good is under maximum price

• Sugar

• Iphone

• Diamond

• Paddy