2019 · Q59
Which one of the following is an example of a price ceiling?
indian-polity-economyeconomy-fundamentals
- AFares charged by Airlines in India
- BPrice printed on biscuit packets
- CMinimum support price for cane growers
- DMinimum wages fixed by state Governments
Explanation
A price ceiling is a legal maximum price. The MRP printed on biscuit packets caps the retail price - a ceiling. Minimum support price and minimum wages are price floors (legal minimums), and airline fares are market prices. Hence B.