What is the maximum price that can be legally charged for a good or service called? minimum wage price floor maximum wage price ceiling

Governments use price floors to keep certain prices from going too low ... A related government - or group-imposed intervention, which is also a price control, is the price ceiling; it sets the maximum price that can legally be charged for a good or service, with a common government-imposed example being rent control.

Maximum price ceiling

Explanation:

Maximum price ceiling is a means of regulation by government to set a price which no one must sell above. This is an act to protect consumers in the market

It is a regulation in favor of consumers. A price in which no seller must sell above is known as maximum price.

The minimum price is the direct opposite, and this regulation protects the sellers. It is a price which no one must sell below.