Price floors set a legal minimum price on a product or commodity.

Name: Price floors set a legal minimum price on a product or commodity.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Price floors are measures implemented by governments to set a minimum price for a particular product or commodity. The government sets a price floor to ensure that the producers receive a fair price for their goods or services. This can help to prevent price fluctuations that can be detrimental to both producers and consumers.

Price Floors Set a Legal Minimum Price on a Product