Define price floor. What is the common purpose of fixation of floor price by the government? Discuss in brief, the consequences of imposition of the price floor with the help of a diagram.
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A price floor is the lowest legal price of a commodity at which it can be sold, fixed by the government. Price floors are used by the government to prevent prices from being too low. The main reason for imposing the price floor policy is the welfare of the producers/farmers.
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