Examlex
When norms are formalized and written down, they have become
Price Ceiling
A government-imposed limit on how high a price is charged for a product or service.
Price Control
Government-imposed limits on the prices that can be charged for goods and services in the market, aimed at managing affordability and stabilizing the economy.
Shortage
A condition in which the amount of a good offered for sale by producers is less than the amount demanded by buyers at the existing price. An increase in price would eliminate the shortage.
Price Ceiling
A legal maximum price that can be charged for a good or service, above which it cannot rise, often set by government.
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