Answered

Discover a wealth of knowledge at Westonci.ca, where experts provide answers to your most pressing questions. Get quick and reliable solutions to your questions from knowledgeable professionals on our comprehensive Q&A platform. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

What is called Price floor ?​

Sagot :

jeesa123

Answer:

Price floor is a situation when the price charged is more than or less than the equilibrium price determined by market forces of demand and supply.

jaquelinefvr

The price floor corresponds to an economic situation where the price charged may be higher or lower than the price determined by the equilibrium price of supply and demand.

Uses of the Price floor

It is used to establish a minimum cost for the purchase of a product or service, representing a support for the price when it assumes a lower value valid for the sale and that satisfies the conditions of supply and demand.

Therefore, an example for the use of the price floor is the minimum wage for work, determined by a certain amount that must be met and that satisfies the individual's financial needs.

Find out more about price floor here:

https://brainly.com/question/26374455

Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.