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Price Floors Definition. Price floor has been found. The government used price supports to maintain the price floor.
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The floor price is the least price that a seller would get for the product. It keeps a price from falling below a particular level. A price floor is a minimum price enforced in a market by a government or self-imposed by a group.
A government may impose a price floor to protect a favored industry andor to keep employees working at a reasonable wage.
Reasons Governments Impose Price Floors 1. Based on WordNet 30 Farlex clipart collection. Reasons Governments Impose Price Floors 1. Many economists believe setting price floors is economically inefficient and limits demand in the market causing an oversupply of the controlled good or service.
