Minimum price for a good or service a. Price floor b. Sale floor C. Dance floor d. Rent floor
Business · Middle School · Thu Feb 04 2021
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a. Price Floor
A price floor is the minimum legal price at which a good or service can be sold in the market. Governments usually set up a price floor in order to ensure that the market price of a good or service does not fall below a level that would threaten the financial existence of producers of the good or service.