What term describes a price imposed by the authority and set above the market price?

The term that describes a price imposed by the authority and set above the market price is a minimum price. A minimum price, also known as a price floor, is established by the government to prevent prices from falling below a certain level. This is often implemented to ensure that producers receive a fair income for their goods or services, particularly in industries like agriculture, where fluctuations in market prices can significantly impact farmers' livelihoods.

By setting a minimum price above the market equilibrium price, the government aims to support the incomes of producers. However, this can lead to a surplus in the market, as the quantity supplied may exceed the quantity demanded at the higher price. This mechanism is designed to stabilize the market for specific products or services, ensuring that the incomes of certain groups are protected.

In contrast, maximum price or price ceiling represents a price set below the market equilibrium to protect consumers from excessively high prices. The equilibrium price is the point at which supply and demand meet without intervention. Price ceilings and minimum prices function differently and address distinct market challenges, and they are not aligned with a price that is set above the market price.