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Market in Action
  • Price ceiling is an upper limit on the price a seller can charge.
  • Price floor is the lowest limit on the price that a buyer can offer for a good or service.
  • A deadweight loss results because less than the efficient quantity is produced or consumed.


Q: Which of the following is least likely to result in DWL?
  • Indian Railways
  • Indian Oil
  • MTNL

Indian railways operate in monopoly market & Indian Oil sells subsidized good. In both cases DWL are bound to get created, whereas MTNL operates in a competitive telecom market


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