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What is ment by price floor?write …

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What is ment by price floor?write example.

Posted by Arya Dubey 6 years, 11 months ago

CBSE > Class 12 > Economics

1 answers

Yuvraj Singh 6 years, 11 months ago

A price floor is the lowest legal price a commodity can be sold at. Price floors are used by the government to prevent prices from being too low. The most common price floor is the minimum wage--the minimum price that can be payed for labor. ... For a price floor to be effective, it must be set above the equilibrium price.

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