A price ceiling is distinct from a price floor. A price floor is the absolute lowest price that may be charged for an item. The maximum price that may be charged for a particular item is known as a price ceiling.
The lowest price that the government will permit is known as a price floor. A provider is not permitted to sell for less than the specified minimum in accordance with this pricing. A price ceiling, on the other hand, refers to the highest price that the government has the power to regulate. It is not expected of suppliers of products and services with a price cap to sell more than the specified cap.
The phrase "price floor" describes the lowest price that the government mandates the producer pay for their goods. Governmental restrictions on what can be charged for an item, commodity, or service are known as price ceilings.
Learn more about Price floor and price ceiling at
brainly.com/question/18117910?referrer=searchResults
#SPJ4