A lower limit on the price of a good or service is a
A)Price floor
B)Price ceiling
C)Consumer surplus
D)Producer surplus

Name: A lower limit on the price of a good or service is a A)Price floor B)Price ceiling C)Consumer surplus D)Producer surplus
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Question

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A lower limit on the price of a good or service is known as a price floor. Price floors are usually set by the government to ensure that workers receive a minimum wage or that farmers receive a minimum price for their products.

A Lower Limit on the Price of a Good or Service