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The lowest legal price that can be paid for a good or service.
What else can I help you with?
Do producers tend to favor price floors or price ceilings?
price floors because, when binding, price floors increase price above the equilibrium and may increase producer surplus.
Why are price floors and price ceilings posed?
if the market price imposed by suppliers are too high for consumers then the price ceilings are imposed....if the market price is too low for the producers then price floors is imposed.
Why are price floors implemented by governments and what is their purpose?
Price floors are implemented by governments to establish a minimum price for a particular good or service. The purpose of price floors is to protect producers by ensuring they receive a fair and stable income, prevent prices from dropping too low, and maintain market stability.
How much does it cost to refinish my hardwood floors.?
I need to someone to refinish my hardwood floors. What is the average price of doing so?
What do price floors protect?
Price floors protect sellers by ensuring they receive a minimum price for their goods or services, which can help maintain their income levels and sustain their operations. This is often implemented in industries like agriculture to prevent prices from falling too low, thereby supporting farmers. However, if set above the equilibrium price, price floors can lead to surpluses, as the quantity supplied may exceed the quantity demanded.
Where can I find information on bamboo floors?
You can get the information about the bamboo floors on internet. I Floor is one of the best flooring website in the world. I Floor provides the best wooden floors in different colors. You can order them for floors in a best reasonable price.
What do economists mean when they say that price floors and ceilings stifle the rationing function of prices and distort resource allocation?
When economist says price floors means above equilibrium and leads to undermanned surplus. When they say price ceilings it means price below equilibrium which leads to unsupplied shortage.
What is the usual result of price controls?
Price controls, such as price ceilings and price floors, often lead to market distortions. Price ceilings can create shortages, as the controlled price may discourage production while increasing demand. Conversely, price floors can result in surpluses, as the higher price may encourage production but reduce consumer demand. Overall, price controls can lead to inefficiencies and unintended consequences in the market.
What happens when government imposes price ceilings and floors in a market?
efficiency
What happens When the government intervenes in the market by imposing price ceilings and price floors?
Shortages, Surplus and Unintended consequences.
Where can I find the best price on hardwood floors?
Home Depot would be your best bet. They offer fairly good hardwood, and at a generally good price.
What type of regulation increases costs for consumers but helps US business?
Price floors are supposed to have that effect.
