A price ceiling is typically set below the equilibrium price.

Name: A price ceiling is typically set below the equilibrium price.
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A price ceiling is the maximum price that can legally be charged for a good or service, and it is typically set below the equilibrium price to make goods more affordable for consumers. This can lead to shortages or rationing of the product, as the quantity demanded exceeds the quantity supplied at the artificially low price.

A Price Ceiling Is Typically Set Below the Equilibrium Price