What does LL mean in MATHEMATICS
LL stands for Least Limit in economics. It is a form of price control which involves setting the lowest feasible price level on certain goods and services in order to protect the consumer from domineering companies or monopolies. The purpose of the least limit is to ensure that prices remain affordable, enabling customers to buy goods and services without facing prohibitively high costs.
LL meaning in Mathematics in Academic & Science
LL mostly used in an acronym Mathematics in Category Academic & Science that means Least Limit
Shorthand: LL,
Full Form: Least Limit
For more information of "Least Limit", see the section below.
Essential Questions and Answers on Least Limit in "SCIENCE»MATH"
What does 'LL' stand for?
LL stands for Least Limit.
What type of price control does it introduce?
Least limit introduces a form of price control by setting the lowest feasible price level on certain goods and services.
How does this help customers?
By setting a minimum cost, customers can buy goods and services without facing excessively high prices due to monopolistic pricing tactics.
Is there an upper limit as well as a lower limit?
There is not necessarily an upper limit, although governments or regulatory bodies may set an upper limit or ceiling if necessary to prevent prices from becoming too high.
Who sets the least limits?
Typically, least limits are set by governments or regulatory bodies in order to protect consumers from predatory pricing tactics.
Final Words:
: In conclusion, LL stands for Least Limit and it is a form of price control which sets the lowest feasible rate on certain goods and services in order to protect consumers from overpricing by monopolies or big companies. This ensures that customers can access essential items at more affordable prices and helps to keep the economy fair.
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