Question

od example of a price floor is: a. the minimum wage law. b. general admission tickets to concerts. c. food stamp regulations. d. rent controls on apartments in major cities.

Answer 1

Odd example of a price floor is the minimum wage law.

Describe a price floor with an example.

In a market for goods and services, labor, or financial capital, a price floor is the lowest permitted legal price that can be charged. The minimum wage, which is founded on the normative belief that someone working full-time should be able to afford a basic level of living, is perhaps the most well-known example of a price floor.

Is a rent a price floor example?

The maximum price that can be charged is an example of a price ceiling. The government prevents a price above the ceiling when there is a price cap.

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