A price floor is a legal minimum on the price at which a good or service can be sold.

Name: A price floor is a legal minimum on the price at which a good or service can be sold.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A price floor is indeed a government- or group-imposed price control or limit on how low a price can be charged for a product, good, commodity, or service, setting a legal minimum price that must be paid for that good or service.

A Price Floor Is a Legal Minimum on the Price