Can you take a clearer pic please
Answer: An effective price ceiling is a price imposed by the government below the equilibrium price.
Explanation:
Price ceiling is a price control that is imposed by the government to curtail how high producers or suppliers charge price for a commodity or service. Price ceiling is used by the government to protect consumers from purchasing very high commodities. The very high prices of the good can be as a result of inflation, monopoly or investment bubble
For price ceiling to be effective, the price set must be below the equilibrium price (price set by the forces of demand and supply).
Answer:
A. True
Explanation:
The aim of the court when interpreting a contract, is to determine the intention of the parties to the contract. When contract terms and conditions are not ambiguous, the court will enforce the express terms of the contract as valid, without going beyond the content of the contract.
However, when the contract is ambiguous, and the parties to the contract have equal experience and good counsel, the court will determine or interpret the ambiguous contract based on the usage of the trade: that is, based on performance of contract duties, rather than the express terms in the contract. This is because it's believed that the performance/duties carried out during the execution of the contract is the best to determine or interpret what the parties to the contract intended when drafting such contract.
