Question

Which term is defined as the maximum legal price for a good or service

Answer 1

Price ceilings a situation when the price charged is more than or less than the equilibrium price determined by market forces of demand and supply. I hope this answer helps and mark as brainliest.

Answer 2

Answer:

The correct answer is price ceiling.

Explanation:

This price is set by the government establishing a limit on the highest price of a product, good, can be. To make sure it would not lead to a crisis or similar things, this price should be established below the natural market equilibrium. This is a type of price control and they usually apply to food and energy products when regular consumers cannot afford them.