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27 October, 03:19

Steve decides not to rent out his second home since he is not allowed to set the rate above $1000 per month even though he knows he could find renters willing to pay much more. Select the term that best fits the scenario:

(A) price floor

(B) license

(C) black market

(D) price ceiling

(E) quota

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Answers (1)
  1. 27 October, 05:59
    0
    The correct answer is price ceiling

    Explanation:

    Price ceiling maximum amount a seller is allowed to charge for a product or service. It is a government - or group-imposed price control and prevents a price from rising above a certain level.
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