Question

Venezuela is a major producer of oil products, which remain the keystone of Venezuela's economy. Suppose the President of Venezuela wants to increase his popularity with the citizens of Venezuela and enacts a government policy that reduces the customer price of gasoline sold at state-owned gas stations to 50% of the previous price. This policy is called a:

Answer 1

price ceiling.

Step-by-step explanation:

The answer is 'price ceiling'.

Price ceiling is term used to defined when the government of a particular country imposes a price limit or imposes a price control on a commodity or a product. It limits the price to be charged for a particular product.

Various governments uses the price ceiling for a product to protect the consumers from making the product more expensive.

Thus the answer is "price ceiling".