The correct answer is imposition of upper limit of price on goods or services. Explanation & Key Takeaways: • A price ceiling is a sort of price regulation that establishes the maximum price a seller may charge for a good or service and is typically imposed by the government. • These are often imposed on necessities like food, gas, or medicine, frequently following a crisis or specific occurrence that causes prices to soar. • The benefits of a price floor include maintaining affordable pricing, preventing price gouging, and growing demands. • Price floor disadvantages include frequent supply shortages, the potential for quality loss and cost-cutting, as well as the possibility of additional fees or higher costs for other commodities. Related Concepts: • Price Floor: • A price floor, which establishes a minimum cost for purchasing a good or service, is the opposite of a price ceiling. • It stands for the lowest legal price at which a good or service may be offered and still adhere to the basic laws of supply and demand. • This is also known as "price support." • GST: • An indirect tax on the provision of goods and services is known as the GST, or Goods and Services Tax. • It is a multi-stage, destination-oriented tax imposed on every value addition, replacing multiple indirect taxes, including VAT, excise duty, service taxes, etc