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In economics, price floor is the lowest allowed price a commodity can be sold at. They are used by the government to keep some prices from being too low.
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When does equilibrium price in economics happen?
equilibrium price in economics happens when demand for and supply of the products equals
First Indian economist who won the nobel price in economics?
First Indian economist who won the nobel price in economics?
How is a price floor different from a price ceiling?
Price floor is a minimum and price ceiling is a maximum.
What does scarcity of resources mean in economics?
There is not enough of something (supply) to meet the demand. This prdonarily means that the price of that commodity will rise.
When is a price floor not binding?
the quantity of the good demanded with the price floor is less than the quantity demanded of the good without the price floor
When does equilibrium price in economics happen?
equilibrium price in economics happens when demand for and supply of the products equals
First Indian economist who won the nobel price in economics?
First Indian economist who won the nobel price in economics?
How is a price floor different from a price ceiling?
Price floor is a minimum and price ceiling is a maximum.
How is floor price different from a price ceiling?
Price floor is a minimum and price ceiling is a maximum.
What does scarcity of resources mean in economics?
There is not enough of something (supply) to meet the demand. This prdonarily means that the price of that commodity will rise.
When is a price floor not binding?
the quantity of the good demanded with the price floor is less than the quantity demanded of the good without the price floor
What is floor price in share market?
A floor price is a group-imposed price limit on how low a price can be charged for a product.
What is the definition of economics by J.H Davenport?
He defined economics as the science that treats phenomena from the standpoint of price
What is the formula for finding sale price in economics?
sale price=(regular price)(complement of markdown)
Give an example of a price ceiling and an example of a price floor?
Price cealing: rent control Price floor: minimun wage
What is equilibrium price in economics?
It is the price where demand equals supply in a competitive market.
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
