Definition Of Price Ceiling In Economics Idea #6 Price Ceiling

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Definition

def•i•ni•tion (def′ə nishən),USA pronunciation n. 
  1. the act of defining or making definite, distinct, or clear.
  2. the formal statement of the meaning or significance of a word, phrase, etc.
  3. the condition of being definite, distinct, or clearly outlined.
  4. sharpness of the image formed by an optical system.
  5. the accuracy of sound or picture reproduction.
def′i•nition•al, adj. 
def′i•nition•al•ly, adv. 

Of

of1  (uv, ov; unstressed əv or, esp. before consonants, ə),USA pronunciation prep. 
  1. (used to indicate distance or direction from, separation, deprivation, etc.): within a mile of the church; south of Omaha; to be robbed of one's money.
  2. (used to indicate derivation, origin, or source): a man of good family; the plays of Shakespeare; a piece of cake.
  3. (used to indicate cause, motive, occasion, or reason): to die of hunger.
  4. (used to indicate material, component parts, substance, or contents): a dress of silk; a book of poems; a package of cheese.
  5. (used to indicate apposition or identity): Is that idiot of a salesman calling again?
  6. (used to indicate specific identity or a particular item within a category): the city of Chicago; thoughts of love.
  7. (used to indicate possession, connection, or association): the king of France; the property of the church.
  8. (used to indicate inclusion in a number, class, or whole): one of us.
  9. (used to indicate the objective relation, the object of the action noted by the preceding noun or the application of a verb or adjective): the ringing of bells; He writes her of home; I'm tired of working.
  10. (used to indicate reference or respect): There is talk of peace.
  11. (used to indicate qualities or attributes): an ambassador of remarkable tact.
  12. (used to indicate a specified time): They arrived of an evening.
  13. [Chiefly Northern U.S.]before the hour of;
    until: twenty minutes of five.
  14. on the part of: It was very mean of you to laugh at me.
  15. in respect to: fleet of foot.
  16. set aside for or devoted to: a minute of prayer.
  17. [Archaic.]by: consumed of worms.

Price

price (prīs),USA pronunciation n., v.,  priced, pric•ing. 
n. 
  1. the sum or amount of money or its equivalent for which anything is bought, sold, or offered for sale.
  2. a sum offered for the capture of a person alive or dead: The authorities put a price on his head.
  3. the sum of money, or other consideration, for which a person's support, consent, etc., may be obtained, esp. in cases involving sacrifice of integrity: They claimed that every politician has a price.
  4. that which must be given, done, or undergone in order to obtain a thing: He gained the victory, but at a heavy price.
  5. odds (def. 2).
  6. [Archaic.]value or worth.
  7. [Archaic.]great value or worth (usually prec. by of ).
  8. at any price, at any cost, no matter how great: Their orders were to capture the town at any price.
  9. beyond or  without price, of incalculable value;
    priceless: The crown jewels are beyond price.

v.t. 
  1. to fix the price of.
  2. to ask or determine the price of: We spent the day pricing furniture at various stores.
pricea•ble, adj. 

Ceiling

ceil•ing (sēling),USA pronunciation n. 
  1. the overhead interior surface of a room.
  2. the top limit imposed by law on the amount of money that can be charged or spent or the quantity of goods that can be produced or sold.
    • the maximum altitude from which the earth can be seen on a particular day, usually equal to the distance between the earth and the base of the lowest cloud bank.
    • Also called  absolute ceiling. the maximum altitude at which a particular aircraft can operate under specified conditions.
  3. the height above ground level of the lowest layer of clouds that cover more than half of the sky.
  4. a lining applied for structural reasons to a framework, esp. in the interior surfaces of a ship or boat.
  5. Also called  ceiling piece′. [Theat.]the ceiling or top of an interior set, made of cloth, a flat, or two or more flats hinged together.
  6. the act or work of a person who makes or finishes a ceiling.
  7. vaulting, as in a medieval church.
  8. hit the ceiling, [Informal.]to become enraged: When he saw the amount of the bill, he hit the ceiling.
ceilinged, adj. 

In

in (in),USA pronunciation prep., adv., adj., n., v.,  inned, in•ning. 
prep. 
  1. (used to indicate inclusion within space, a place, or limits): walking in the park.
  2. (used to indicate inclusion within something abstract or immaterial): in politics; in the autumn.
  3. (used to indicate inclusion within or occurrence during a period or limit of time): in ancient times; a task done in ten minutes.
  4. (used to indicate limitation or qualification, as of situation, condition, relation, manner, action, etc.): to speak in a whisper; to be similar in appearance.
  5. (used to indicate means): sketched in ink; spoken in French.
  6. (used to indicate motion or direction from outside to a point within) into: Let's go in the house.
  7. (used to indicate transition from one state to another): to break in half.
  8. (used to indicate object or purpose): speaking in honor of the event.
  9. in that, because;
    inasmuch as: In that you won't have time for supper, let me give you something now.

adv. 
  1. in or into some place, position, state, relation, etc.: Please come in.
  2. on the inside;
    within.
  3. in one's house or office.
  4. in office or power.
  5. in possession or occupancy.
  6. having the turn to play, as in a game.
  7. [Baseball.](of an infielder or outfielder) in a position closer to home plate than usual;
    short: The third baseman played in, expecting a bunt.
  8. on good terms;
    in favor: He's in with his boss, but he doubts it will last.
  9. in vogue;
    in style: He says straw hats will be in this year.
  10. in season: Watermelons will soon be in.
  11. be in for, to be bound to undergo something, esp. a disagreeable experience: We are in for a long speech.
  12. in for it, [Slang.]about to suffer chastisement or unpleasant consequences, esp. of one's own actions or omissions: I forgot our anniversary again, and I'll be in for it now.Also,[Brit.,] for it. 
  13. in with, on friendly terms with;
    familiar or associating with: They are in with all the important people.

adj. 
  1. located or situated within;
    inner;
    internal: the in part of a mechanism.
  2. [Informal.]
    • in favor with advanced or sophisticated people;
      fashionable;
      stylish: the in place to dine; Her new novel is the in book to read this summer.
    • comprehensible only to a special or ultrasophisticated group: an in joke.
  3. well-liked;
    included in a favored group.
  4. inward;
    incoming;
    inbound: an in train.
  5. plentiful;
    available.
  6. being in power, authority, control, etc.: a member of the in party.
  7. playing the last nine holes of an eighteen-hole golf course (opposed to out): His in score on the second round was 34.

n. 
  1. Usually,  ins. persons in office or political power (distinguished from outs).
  2. a member of the political party in power: The election made him an in.
  3. pull or influence;
    a social advantage or connection: He's got an in with the senator.
  4. (in tennis, squash, handball, etc.) a return or service that lands within the in-bounds limits of a court or section of a court (opposed to out).

v.t. Brit. [Dial.]
  1. to enclose.

Economics

ec•o•nom•ics (ek′ə nomiks, ē′kə-),USA pronunciation n. 
  1. (used with a sing. v.) the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind.
  2. (used with a pl. v.) financial considerations;
    economically significant aspects: What are the economics of such a project?

Idea

i•de•a (ī dēə, ī dēə),USA pronunciation n. 
  1. any conception existing in the mind as a result of mental understanding, awareness, or activity.
  2. a thought, conception, or notion: That is an excellent idea.
  3. an impression: He gave me a general idea of how he plans to run the department.
  4. an opinion, view, or belief: His ideas on raising children are certainly strange.
  5. a plan of action;
    an intention: the idea of becoming an engineer.
  6. a groundless supposition;
    fantasy.
    • a concept developed by the mind.
    • a conception of what is desirable or ought to be;
      ideal.
    • (cap.) [Platonism.]Also called  form. an archetype or pattern of which the individual objects in any natural class are imperfect copies and from which they derive their being.
    • [Kantianism.]See  idea of pure reason. 
  7. a theme, phrase, or figure.
  8. [Obs.]
    • a likeness.
    • a mental image.
i•dea•less, adj. 

Price

price (prīs),USA pronunciation n., v.,  priced, pric•ing. 
n. 
  1. the sum or amount of money or its equivalent for which anything is bought, sold, or offered for sale.
  2. a sum offered for the capture of a person alive or dead: The authorities put a price on his head.
  3. the sum of money, or other consideration, for which a person's support, consent, etc., may be obtained, esp. in cases involving sacrifice of integrity: They claimed that every politician has a price.
  4. that which must be given, done, or undergone in order to obtain a thing: He gained the victory, but at a heavy price.
  5. odds (def. 2).
  6. [Archaic.]value or worth.
  7. [Archaic.]great value or worth (usually prec. by of ).
  8. at any price, at any cost, no matter how great: Their orders were to capture the town at any price.
  9. beyond or  without price, of incalculable value;
    priceless: The crown jewels are beyond price.

v.t. 
  1. to fix the price of.
  2. to ask or determine the price of: We spent the day pricing furniture at various stores.
pricea•ble, adj. 

Ceiling

ceil•ing (sēling),USA pronunciation n. 
  1. the overhead interior surface of a room.
  2. the top limit imposed by law on the amount of money that can be charged or spent or the quantity of goods that can be produced or sold.
    • the maximum altitude from which the earth can be seen on a particular day, usually equal to the distance between the earth and the base of the lowest cloud bank.
    • Also called  absolute ceiling. the maximum altitude at which a particular aircraft can operate under specified conditions.
  3. the height above ground level of the lowest layer of clouds that cover more than half of the sky.
  4. a lining applied for structural reasons to a framework, esp. in the interior surfaces of a ship or boat.
  5. Also called  ceiling piece′. [Theat.]the ceiling or top of an interior set, made of cloth, a flat, or two or more flats hinged together.
  6. the act or work of a person who makes or finishes a ceiling.
  7. vaulting, as in a medieval church.
  8. hit the ceiling, [Informal.]to become enraged: When he saw the amount of the bill, he hit the ceiling.
ceilinged, adj. 

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