A Price Ceiling Is A(n)

question 320

Multiple Choice

A price ceiling is a(n) :

• A) legally established minimum price that can be charged for a good.
• B) illegally established minimum price that can be charged for a good.
• C) legally established maximum price that can be charged for a good.
• D) illegally established maximum price that can be charged for a good.

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Definitions:

Restatement Test

A principle used in tort law to determine the liability of parties based on the restatement (second or third) of torts, which are influential treatises summarizing the state of tort law.

Accountant Liability

Legal responsibility of an accountant for any negligent or fraudulent accounting practices resulting in financial loss.

Intended Receivers

Individuals or entities that are the specific target or recipients of a particular message, information, or benefit.

Opinion Letter

A letter expressing a legal assessment or judgment from a lawyer to his or her client, often concerning the legality and details of a transaction.