Concept:Price control is when the government or its agency fixes the price of essential commodities in an economy.
Explanation:The government sets maximum or minimum prices for essential goods to make them affordable and to protect consumers from exploitation.
This is usually done through a price control board or similar regulatory body.
Such a policy is not price equilibrium, because that is a market-determined price.
It is not demanded price or asking price, since those are set by consumers and sellers respectively.
Therefore, when the government fixes prices of essential commodities, the correct term is price control.
Answer:B. Price control