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Effective Price Floor. A price floor must be higher than the equilibrium price in order to be effective. PAIN calculate each of the following.
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Drawing a price floor is simple. Price floors are most effective when they are set above the equilibrium point whereby supply and demand meets. Where does an effective price floor go.
But this is a control or limit on how low a price can be charged for any commodity.
The market forces of supply and demand determine prices and equilibrium quantities but sometimes those amounts are not acceptable to society and policymakers. Google Classroom Facebook Twitter. How price controls reallocate surplus. Where does an effective price ceiling go.
