Example Of Price Floor. The price floors are established through minimum wage laws which set a lower limit for wages. Perhaps the best-known example of a price floor is the minimum wage which is based on the view that someone working full time should be able to afford a basic standard of living.
6 sentence examples. But if the floor price is set at 13 then the seller would benefit. The federal minimum wage in 2016 was 725 per hour although some states and localities have a higher minimum wage.
If the government set the price.
An example of a price floor is minimum wage laws where the government sets out the minimum hourly rate that can be paid for labour. It tends to create a market surplus. Perhaps the best-known example of a price floor is the minimum wage which is based on the view that someone working full time should be able to afford a basic standard of living. By observation it has been found that lower price floors are ineffective.
