Explain the meaning and need for 'Maximum Price Ceiling'.

1.	Explain the meaning and need for 'Maximum Price Ceiling'.
Answer» <html><body><p></p>Solution :When government imposes an upper limit on the <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> of a <a href="https://interviewquestions.tuteehub.com/tag/good-1009017" style="font-weight:bold;" target="_blank" title="Click to know more about GOOD">GOOD</a>, it is <a href="https://interviewquestions.tuteehub.com/tag/called-907796" style="font-weight:bold;" target="_blank" title="Click to know more about CALLED">CALLED</a> Price <a href="https://interviewquestions.tuteehub.com/tag/ceiling-911116" style="font-weight:bold;" target="_blank" title="Click to know more about CEILING">CEILING</a>. It is generally imposed on essential items and is fixed below the market determined price. The reason being the equilibrium price is too high for the common people to <a href="https://interviewquestions.tuteehub.com/tag/afford-368588" style="font-weight:bold;" target="_blank" title="Click to know more about AFFORD">AFFORD</a>.</body></html>

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