The dictator of a small country restricts the price of cars to an amount less than or equal to $1,200 (a price below the equilibrium price for cars). Such a policy would set a:

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ashleyjahnaes5502 ashleyjahnaes5502

08-02-2022
Business

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The dictator of a small country restricts the price of cars to an amount less than or equal to $1,200 (a price below the equilibrium price for cars). Such a policy would set a:

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topeadeniran2 topeadeniran2 · Answer 1 · 2022-02-21T11:50:44+01:00

The policy that can be brought about by the action of the dictator is a price ceiling.

What is price ceiling?

Price ceiling simply means when the government decides the maximum price of a good.

In this case, when the dictator of a small country restricts the price of cars to an amount less than or equal to $1,200 which is a price below the equilibrium price for cars, the policy would set a price ceiling.

Learn more about price ceiling on:

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