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What is a minimum price for a good or service?
price floor
What is a price ceiling and a price floor?
Price ceiling- a legal maximum price that may be changed for a particular good or service. Price floor- a legal minimum price below which a good or service may not be sold.
How is price floor different from price ceiling?
A price floor is the minimum price set by the government where as a price ceiling is the maximum price sellers can charge for a good or service.
What is the maximum price that can legally be charged for a good or service?
There is no maximum price for any good in the American economy some excised goods like cigarettes have minimum prices.
What is Minimum export price?
It is the minimum price at which a country can export its good. This kind of regulation helps in protection of national interests.
What is a minimum price for a good or service?
price floor
What is price floors?
The lowest legal price that can be paid for a good or service.
What is a price ceiling and a price floor?
Price ceiling- a legal maximum price that may be changed for a particular good or service. Price floor- a legal minimum price below which a good or service may not be sold.
How is price floor different from price ceiling?
A price floor is the minimum price set by the government where as a price ceiling is the maximum price sellers can charge for a good or service.
What is the maximum price that can legally be charged for a good or service?
There is no maximum price for any good in the American economy some excised goods like cigarettes have minimum prices.
What is the maximum price that can be legally charged for a good or service called?
The maximum price that can be legally charged for a good or service is typically set by government regulations or price controls. This is done to protect consumers from price gouging and ensure fair competition in the market. Violating these regulations can result in penalties or fines for the seller.
What is Minimum export price?
It is the minimum price at which a country can export its good. This kind of regulation helps in protection of national interests.
Definition for ''law of demand''?
In economics, the law of demand states:- As the price of a good or service increases, the demand for that good or service will decrease.- As the price of a good or service decreases, the demand for that good or service will increases.
What role does the government play in determining some prices?
Markets usually tend toward equilibrium, but in some cases, the government can jump in to control prices. The government can enforce a price ceiling, or a maximum price that can be charged for a good. Or they can form a price floor, or a minimum price that can be charged for a good or service.
What is shown by the intersection of supply curve and the demand curve?
the equilibrium price of a good or service
Can you find price elasticity if there is no change in price?
There must be a change in the price to calculate the price elasticity. Elasticity depends on the changes in the demand of a good or service based on the change in the price of a good or service.
An example of price floor?
A price floor is government imposed limit on how low a price can be charged for a product or service. An example of a price floor in the US are minimum wage laws. The government has set the minimum wage that a company can pay an employee.
