Asked by Diana Imangeldieva on Jun 19, 2024
Verified
Define a price floor.
Price Floor
A government or regulatory-imposed price control that sets the minimum price at which a good can be sold, often to protect producers or encourage certain activities.
- Identify the influence of price ceiling and floor regulations on market equilibrium conditions.
Verified Answer
HG
Hussein GhaziJun 26, 2024
Final Answer :
A price floor is a legal minimum on the price at which a good can be sold.
Learning Objectives
- Identify the influence of price ceiling and floor regulations on market equilibrium conditions.