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:
“A work of art that contains theories is like an object on which the price tag has been left.”
—Marcel Proust (1871–1922)
“They seldom looked happy. They passed one another without a word in the elevator, like silent shades in hell, hell-bent on their next look from a handsome stranger. Their next rush from a popper. The next song that turned their bones to jelly and left them all on the dance floor with heads back, eyes nearly closed, in the ecstasy of saints receiving the stigmata.”
—Andrew Holleran (b. 1943)