A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, good, commodity, or service. |
A price floor is a legally mandated lower boundary or a minimum price for a good, service, or some other commodity in the market. Put another way, a price floor ... |
A price floor is the lowest price that one can legally charge for some good or service. Perhaps the best-known example of a price floor is the minimum wage, ... |
Price floors prevent a price from falling below a certain level. When a price floor is set above the equilibrium price, quantity supplied will exceed quantity ... |
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