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:
“How long most people would look at the best book before they would give the price of a large turbot for it?”
—John Ruskin (1819–1900)
“Anyone with a real taste for solitude who indulges that taste encounters the dangers of any other drug-taker. The habit grows. You become an addict.... Absorbed in the visions of solitude, human beings are only interruptions. What voice can equal the voices of solitude? What sights equal the movement of a single day’s tide of light across the floor boards of one room? What drama be as continuously absorbing as the interior one?”
—Jessamyn West (1902–1984)