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Give an example of a price floor and a price ceiling and the purpose of the controls?
an example of a price floor is the minimum wage
Markets with a ceiling price and floor price?
An example of a ceiling would be rent controlled apartments. A floor would be minimum wage.
The minimum wage is an example of?
The minimum wage is an excellent example of a price floor
Is minimum wage a price floor or ceiling?
Price floor- Minimum wage, if above the market equilibrium then unemployment Price ceiling- rent control, so more people are able to live comfortably. but this can be negative when the too high of price is confused with the too low of supply.
Minimum wage is an example of?
a price floor.
Give an example of a price ceiling and an example of a price floor?
Price cealing: rent control Price floor: minimun wage
What is a example of a government price control?
minimum wage
Which selection is an example of a government price control?
minimum wage
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.
An example of a price floor?
minimum wage laws, laws specifying the lowest wage a company can pay an employee
What is an example of price flooring other than minimum wage?
wine lakes & butter mountains
Is minimum wage a price floor?
A minimum wage could be considered a price floor because it sets a wage floor on the price of labour. Since labour is an important factor of production, and price reflects the cost of production, then higher wages correspond to higher prices if there are no productivity gains.
