What Are Minimum Prices in Economics?
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tutor2u.net
What Are Minimum Prices in Economics?
Minimum prices (also known as price floors) are government-imposed price controls that set the lowest legal price at which a good or service can be sold. This price is usually set above the equilibrium price (the point where supply meets demand in a free market). The goal is often to protect producers from prices that are deemed too low and ...
Oct 3, 2024
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