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Direction: Read the following passage and answer the questions that follows:A price floor is the lowest legal price that can be paid in a market for goods and services, labour, or financial capital. Perhaps the best-known example of a price floor is the minimum wage, which is based on the normative view that someone working full time ought to be able to afford a basic standard of living. The federal minimum wage at the end of 2014 was $7.25 per hour, which yields an income for a single person slightly higher than the poverty line. As the cost of living rises over time, Congress periodically raises the federal minimum wage.Price floors are sometimes called price supports because they support a price by preventing it from falling below a certain level. Around the world, many countries have passed laws to create agricultural price supports. Farm prices, and thus farm incomes, fluctuate—sometimes widely. So even if, on average, farm incomes are adequate, some years they can be quite low. The purpose of price supports is to prevent these swings.The most common way price supports work is that the government enters the market and buys up the product, adding to demand to keep prices higher than they otherwise would be.Q. Read the following statements–Assertion (A) and Reason (R).Assertion (A): Price floor is also known as price support.Reason (R): Price floor supports a price from falling the certain level Select the correct alternative from the following:a)Both Assertion (A) and Reason ( R) are true.b)Both Assertion (A) and Reason (R) are false.Correct answer is option 'A'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: Read the following passage and answer the questions that follows:A price floor is the lowest legal price that can be paid in a market for goods and services, labour, or financial capital. Perhaps the best-known example of a price floor is the minimum wage, which is based on the normative view that someone working full time ought to be able to afford a basic standard of living. The federal minimum wage at the end of 2014 was $7.25 per hour, which yields an income for a single person slightly higher than the poverty line. As the cost of living rises over time, Congress periodically raises the federal minimum wage.Price floors are sometimes called price supports because they support a price by preventing it from falling below a certain level. Around the world, many countries have passed laws to create agricultural price supports. Farm prices, and thus farm incomes, fluctuate—sometimes widely. So even if, on average, farm incomes are adequate, some years they can be quite low. The purpose of price supports is to prevent these swings.The most common way price supports work is that the government enters the market and buys up the product, adding to demand to keep prices higher than they otherwise would be.Q. Read the following statements–Assertion (A) and Reason (R).Assertion (A): Price floor is also known as price support.Reason (R): Price floor supports a price from falling the certain level Select the correct alternative from the following:a)Both Assertion (A) and Reason ( R) are true.b)Both Assertion (A) and Reason (R) are false.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: Read the following passage and answer the questions that follows:A price floor is the lowest legal price that can be paid in a market for goods and services, labour, or financial capital. Perhaps the best-known example of a price floor is the minimum wage, which is based on the normative view that someone working full time ought to be able to afford a basic standard of living. The federal minimum wage at the end of 2014 was $7.25 per hour, which yields an income for a single person slightly higher than the poverty line. As the cost of living rises over time, Congress periodically raises the federal minimum wage.Price floors are sometimes called price supports because they support a price by preventing it from falling below a certain level. Around the world, many countries have passed laws to create agricultural price supports. Farm prices, and thus farm incomes, fluctuate—sometimes widely. So even if, on average, farm incomes are adequate, some years they can be quite low. The purpose of price supports is to prevent these swings.The most common way price supports work is that the government enters the market and buys up the product, adding to demand to keep prices higher than they otherwise would be.Q. Read the following statements–Assertion (A) and Reason (R).Assertion (A): Price floor is also known as price support.Reason (R): Price floor supports a price from falling the certain level Select the correct alternative from the following:a)Both Assertion (A) and Reason ( R) are true.b)Both Assertion (A) and Reason (R) are false.Correct answer is option 'A'. Can you explain this answer?.

Solutions for Direction: Read the following passage and answer the questions that follows:A price floor is the lowest legal price that can be paid in a market for goods and services, labour, or financial capital. Perhaps the best-known example of a price floor is the minimum wage, which is based on the normative view that someone working full time ought to be able to afford a basic standard of living. The federal minimum wage at the end of 2014 was $7.25 per hour, which yields an income for a single person slightly higher than the poverty line. As the cost of living rises over time, Congress periodically raises the federal minimum wage.Price floors are sometimes called price supports because they support a price by preventing it from falling below a certain level. Around the world, many countries have passed laws to create agricultural price supports. Farm prices, and thus farm incomes, fluctuate—sometimes widely. So even if, on average, farm incomes are adequate, some years they can be quite low. The purpose of price supports is to prevent these swings.The most common way price supports work is that the government enters the market and buys up the product, adding to demand to keep prices higher than they otherwise would be.Q. Read the following statements–Assertion (A) and Reason (R).Assertion (A): Price floor is also known as price support.Reason (R): Price floor supports a price from falling the certain level Select the correct alternative from the following:a)Both Assertion (A) and Reason ( R) are true.b)Both Assertion (A) and Reason (R) are false.Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.

Here you can find the meaning of Direction: Read the following passage and answer the questions that follows:A price floor is the lowest legal price that can be paid in a market for goods and services, labour, or financial capital. Perhaps the best-known example of a price floor is the minimum wage, which is based on the normative view that someone working full time ought to be able to afford a basic standard of living. The federal minimum wage at the end of 2014 was $7.25 per hour, which yields an income for a single person slightly higher than the poverty line. As the cost of living rises over time, Congress periodically raises the federal minimum wage.Price floors are sometimes called price supports because they support a price by preventing it from falling below a certain level. Around the world, many countries have passed laws to create agricultural price supports. Farm prices, and thus farm incomes, fluctuate—sometimes widely. So even if, on average, farm incomes are adequate, some years they can be quite low. The purpose of price supports is to prevent these swings.The most common way price supports work is that the government enters the market and buys up the product, adding to demand to keep prices higher than they otherwise would be.Q. Read the following statements–Assertion (A) and Reason (R).Assertion (A): Price floor is also known as price support.Reason (R): Price floor supports a price from falling the certain level Select the correct alternative from the following:a)Both Assertion (A) and Reason ( R) are true.b)Both Assertion (A) and Reason (R) are false.Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Direction: Read the following passage and answer the questions that follows:A price floor is the lowest legal price that can be paid in a market for goods and services, labour, or financial capital. Perhaps the best-known example of a price floor is the minimum wage, which is based on the normative view that someone working full time ought to be able to afford a basic standard of living. The federal minimum wage at the end of 2014 was $7.25 per hour, which yields an income for a single person slightly higher than the poverty line. As the cost of living rises over time, Congress periodically raises the federal minimum wage.Price floors are sometimes called price supports because they support a price by preventing it from falling below a certain level. Around the world, many countries have passed laws to create agricultural price supports. Farm prices, and thus farm incomes, fluctuate—sometimes widely. So even if, on average, farm incomes are adequate, some years they can be quite low. The purpose of price supports is to prevent these swings.The most common way price supports work is that the government enters the market and buys up the product, adding to demand to keep prices higher than they otherwise would be.Q. Read the following statements–Assertion (A) and Reason (R).Assertion (A): Price floor is also known as price support.Reason (R): Price floor supports a price from falling the certain level Select the correct alternative from the following:a)Both Assertion (A) and Reason ( R) are true.b)Both Assertion (A) and Reason (R) are false.Correct answer is option 'A'. Can you explain this answer?, a detailed solution for Direction: Read the following passage and answer the questions that follows:A price floor is the lowest legal price that can be paid in a market for goods and services, labour, or financial capital. Perhaps the best-known example of a price floor is the minimum wage, which is based on the normative view that someone working full time ought to be able to afford a basic standard of living. The federal minimum wage at the end of 2014 was $7.25 per hour, which yields an income for a single person slightly higher than the poverty line. As the cost of living rises over time, Congress periodically raises the federal minimum wage.Price floors are sometimes called price supports because they support a price by preventing it from falling below a certain level. Around the world, many countries have passed laws to create agricultural price supports. Farm prices, and thus farm incomes, fluctuate—sometimes widely. So even if, on average, farm incomes are adequate, some years they can be quite low. The purpose of price supports is to prevent these swings.The most common way price supports work is that the government enters the market and buys up the product, adding to demand to keep prices higher than they otherwise would be.Q. Read the following statements–Assertion (A) and Reason (R).Assertion (A): Price floor is also known as price support.Reason (R): Price floor supports a price from falling the certain level Select the correct alternative from the following:a)Both Assertion (A) and Reason ( R) are true.b)Both Assertion (A) and Reason (R) are false.Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of Direction: Read the following passage and answer the questions that follows:A price floor is the lowest legal price that can be paid in a market for goods and services, labour, or financial capital. Perhaps the best-known example of a price floor is the minimum wage, which is based on the normative view that someone working full time ought to be able to afford a basic standard of living. The federal minimum wage at the end of 2014 was $7.25 per hour, which yields an income for a single person slightly higher than the poverty line. As the cost of living rises over time, Congress periodically raises the federal minimum wage.Price floors are sometimes called price supports because they support a price by preventing it from falling below a certain level. Around the world, many countries have passed laws to create agricultural price supports. Farm prices, and thus farm incomes, fluctuate—sometimes widely. So even if, on average, farm incomes are adequate, some years they can be quite low. The purpose of price supports is to prevent these swings.The most common way price supports work is that the government enters the market and buys up the product, adding to demand to keep prices higher than they otherwise would be.Q. Read the following statements–Assertion (A) and Reason (R).Assertion (A): Price floor is also known as price support.Reason (R): Price floor supports a price from falling the certain level Select the correct alternative from the following:a)Both Assertion (A) and Reason ( R) are true.b)Both Assertion (A) and Reason (R) are false.Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Direction: Read the following passage and answer the questions that follows:A price floor is the lowest legal price that can be paid in a market for goods and services, labour, or financial capital. Perhaps the best-known example of a price floor is the minimum wage, which is based on the normative view that someone working full time ought to be able to afford a basic standard of living. The federal minimum wage at the end of 2014 was $7.25 per hour, which yields an income for a single person slightly higher than the poverty line. As the cost of living rises over time, Congress periodically raises the federal minimum wage.Price floors are sometimes called price supports because they support a price by preventing it from falling below a certain level. Around the world, many countries have passed laws to create agricultural price supports. Farm prices, and thus farm incomes, fluctuate—sometimes widely. So even if, on average, farm incomes are adequate, some years they can be quite low. The purpose of price supports is to prevent these swings.The most common way price supports work is that the government enters the market and buys up the product, adding to demand to keep prices higher than they otherwise would be.Q. Read the following statements–Assertion (A) and Reason (R).Assertion (A): Price floor is also known as price support.Reason (R): Price floor supports a price from falling the certain level Select the correct alternative from the following:a)Both Assertion (A) and Reason ( R) are true.b)Both Assertion (A) and Reason (R) are false.Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice Commerce tests.