A law establishing a minimum legal price for a good or service (the minimum wage for example) is known as
A) an equilibrium price.
B) a price floor.
C) a price ceiling.
D) a price wall.

Name: A law establishing a minimum legal price for a good or service (the minimum wage for example) is known as A) an equilibrium price. B) a price floor. C) a price ceiling. D) a price wall.
Brand: Quizplus
Rating: 4.8 (41 reviews)

Question

Quizplus · Accepted Answer

A price floor is a government-imposed minimum price for a good or service.

A Law Establishing a Minimum Legal Price for a Good