Answer :
A law establishing a maximum legal price for a good or service is known as a price ceiling.
What is price ceiling?
A price ceiling is a sort of price regulation that establishes the maximum price a seller may charge for a good or service and is typically imposed by the government. Price caps are often imposed on necessities like food, gas, or medicine, frequently following a crisis or specific occurrence that causes prices to soar.
A price ceiling is the utmost amount that is permitted by law to be paid for an item or service. In order to maintain an affordable price for a required commodity or service, a government sets price caps.
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