what is price floor
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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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sarumiwarisdamilare:
Price floor is the minimum price of a commodity at is fixed by the government
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the price floor is the least price at which the product can be sold
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