A surplus of supply
One $27
If the price floor was set below the equilibrium price, then the removal of this price floor would have no effect on producer and consumer surplus. If the price floor was set above the equilibrium price for that product, then prices with shift down again to the equilibrium price. Consumers would want to buy more, and producers would want to sell more, until they reach the equilibrium price and quantity. In other words all surpluses of deficits would eventually disappear.
Price floor is a minimum and price ceiling is a maximum.
Price floor is a minimum and price ceiling is a maximum.
the quantity of the good demanded with the price floor is less than the quantity demanded of the good without the price floor
A floor price is a group-imposed price limit on how low a price can be charged for a product.
shortage of supply
A shortage of supply
A surplus of supply
Price cealing: rent control Price floor: minimun wage
an example of a price floor is the minimum wage
A price floor is the minimum price set by the government where as a price ceiling is the maximum price sellers can charge for a good or service.