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Figure: Determining Surplus and Loss
-(Figure: Determining Surplus and Loss)In the graph,if the government sets a price of $12,this is an example of an:

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Use the following to answer questions 
Figure: Determining Surplus and Loss 
-(Figure: Determining Surplus and Loss)In the graph,if the government sets a price of $12,this is an example of an:

Quizplus · Accepted Answer

A price floor is a minimum price set by the government. If the government sets a price of $12 and it is above the equilibrium price, it is an effective price floor.

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