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What is called Price floor ?​

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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.

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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:

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