Draw the sales line and the profit line of the product life cycle in the following diagram,and label each line.Then indicate the names of the four stages of the product life cycle in the blanks provided.
Definitions:
Price Ceiling
A government-imposed limit on how high a price can be charged on a product or service, intended to protect consumers from conditions that could make necessary goods unaffordable.
Maximum Price
A ceiling price set by an authority, above which the sale of a good or service is not allowed.
Market Price
The current price at which a good or service can be bought or sold in a given market.
Maximum Price
A price ceiling set by the government or a regulatory body, above which a product or service cannot be sold in the market.
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