LEGAL PRICE Meaning and
Definition
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Legal price refers to the established or prescribed price for goods, services, or property, as determined by law or regulations within a particular jurisdiction. It is the price fixed by the government or relevant authorities to ensure fair and stable economic conditions and prevent arbitrary price fluctuations or exploitation of consumers.
The legal price may be set through various mechanisms, such as price controls, price ceilings, or price floors. Price controls typically limit the maximum price that can be charged for certain goods or services, ensuring affordability and accessibility for consumers. On the other hand, price floors establish a minimum price that must be paid, providing protection and fair compensation for producers or sellers.
The legal price aims to maintain a balance between the interests of both buyers and sellers, ensuring fairness in trade and preventing market distortions. By establishing a standard pricing framework, it serves to promote economic stability, prevent monopolistic practices, and protect consumers from price gouging or exploitation. However, it is important to note that setting a legal price may have its limitations, as it can sometimes lead to unintended consequences such as shortages or black markets.
Overall, the legal price acts as a regulatory tool to establish a fair and equitable pricing structure, maintaining economic harmony and protecting the rights and welfare of all stakeholders involved in a particular market or industry.
Common Misspellings for LEGAL PRICE
- kegal price
- pegal price
- oegal price
- lwgal price
- lsgal price
- ldgal price
- lrgal price
- l4gal price
- l3gal price
- lefal price
- leval price
- lebal price
- lehal price
- leyal price
- letal price
- legzl price
- legsl price
- legwl price
- legql price
- legak price
Etymology of LEGAL PRICE
The etymology of the word "legal price" comes from two separate origins: "legal" and "price".
The term "legal" can be traced back to the Latin word "legalis", which means "of or pertaining to the law". It is derived from "lex", the Latin word for "law". In Middle English, this term evolved into "legal" and has since been used to refer to anything related to the law or of a lawful nature.
The word "price" has its origins in Middle English and Old French. It can be traced back to the Latin word "pretium", meaning "value" or "reward". Over time, "pretium" evolved into "pris" in Old French, and eventually "price" in Middle English.
When combined, "legal price" refers to the lawful or officially declared value or cost of something.
