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Ceiling Price And Floor Price Definition. Price ceiling is a situation when the price charged is more than or less than the equilibrium price determined by market forces of demand and supply. Price Ceiling is one of the approaches used by the government and the purpose of which is to control the prices and to set a limit for charging high prices for a product.
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Examples include rent controls and pay caps. Price ceiling has been found to be of great importance in the house rent market. The floor price is the least price that a seller would get for the product.
It is legal minimum price set by the government on particular goods and services in order to prevent producers from being paid very less price.
Price floor has been found. Like price ceiling price floor is also a measure of price control imposed by the government. The price floor definition in economics is the minimum price allowed for a particular good or service. Price ceilings prevent a price from rising above a certain level.
