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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
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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

User Mikey Chen
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1 Answer

7 votes

Answer:

The correct answer is price ceiling

Step-by-step 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.

User Ikamen
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