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A minimum price, often referred to as a price floor, is the lowest legal price that can be charged for a good or service. It is typically set by governments to ensure that producers receive a fair income and to prevent prices from falling too low. Minimum prices are commonly used in agricultural markets, where they help stabilize farmers' incomes. However, if set too high, they can lead to surpluses and inefficiencies in the market.

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2mo ago

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