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Wat is da difference btw price cieling and price floor?
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Wat is da difference btw price cieling and price floor?
Price floors and price ceilings are similar in that both are forms of government pricing control. A price floor is a minimum price allowed for a particular good or service. A price ceiling is a maximum price allowed.
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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 (

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Wat is da difference btw price cieling and price floor?
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Wat is da difference btw price cieling and price floor? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Wat is da difference btw price cieling and price floor? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Wat is da difference btw price cieling and price floor?.
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