The minimum price for a good set by the government above the equilibrium price is called a:
A) price ceiling.
B) price floor.
C) parity price ratio.
D) market-generated price.
E) deficiency price.

Name: The minimum price for a good set by the government above the equilibrium price is called a: A) price ceiling. B) price floor. C) parity price ratio. D) market-generated price. E) deficiency price.
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Question

Quizplus · Accepted Answer

A price floor is the minimum price set by the government above the equilibrium price.

The Minimum Price for a Good Set by the Government