Summary: In economics, there are levels known as price floors and price ceilings. A price floor means that a good or service could not be priced less than the price floor. A price ceiling is the opposite; there is a set maximum price for a certain good or service. In the U.S. government terminology, they call these “price controls.”

Summary: In economics, there are levels known as price floors and price ceilings. A price floor means that a good or service could not be priced less than the price floor. A price ceiling is the opposite; there is a set maximum price for a certain good or service. In the U.S. government terminology, they call these “price controls.”