Quantitative Analysis of Price Ceilings and Price Floors: Finding Points

5. Consumer and Producer Surplus; Price Ceilings and Floors / Quantitative Analysis of Price Ceilings and Price Floors: Finding Points / Problem 4

Problem 4

What is a price ceiling?

A price set by producers to maximize profit.

The price at which quantity demanded equals quantity supplied.

A minimum price set by the government that can be charged for a product.

A maximum price set by the government that can be charged for a product.