A price floor is a government- or group-imposed limit on how low a price can be charged for a product. A price floor must be greater than the equilibrium price in order to be effective.
Read more about Price Floor: Effectiveness of Price Floors, Effect On The Market, Minimum Wage
Famous quotes containing the words price and/or floor:
“It doesn’t do good to open doors for someone who doesn’t have the price to get in. If he has the price, he may not need the laws. There is no law saying the Negro has to live in Harlem or Watts.”
—Ronald Reagan (b. 1911)
“The distant box is open. A sound of grain
Poured over the floor in some eagerness we
Rise with the night let out of the box of wind.”
—John Ashbery (b. 1927)