What Is A Price Floor In Economics
This is the minimum price that employers can pay workers for their labor.
What is a price floor in economics. 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. For example many governments intervene by establishing price floors to ensure that farmers make enough money by guaranteeing a minimum price that their goods can be sold for. Governments usually set up a price floor in order to ensure that the market price of a commodity does not fall below a level that would threaten the financial existence of producers of the commodity. Price floors are also used often in agriculture to try to protect farmers.
By observation it has been found that lower price floors are ineffective. It will provide key definitions and examples to assist with illustrating the concept. A price floor must be higher than the equilibrium price in order to be effective. Price floor has been found to be of great importance in the labour wage market.
Price floors are used by the government to prevent prices from being too low. The most common price floor is the minimum wage the minimum price that can be payed for labor. A price floor is the lowest legal price a commodity can be sold at. A price floor is an established lower boundary on the price of a commodity in the market.
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