Define Price Floor. The floor price is the least price that a seller would get for the product. Improve your vocabulary with English Vocabulary in.
Price floor is a situation when the price charged is more than or less than the equilibrium price determined by market forces of demand and supply. Price floor has been found. The floor price is the least price that a seller would get for the product.
A price floor is the lowest amount at which a good or service may be sold and still function within the traditional supply and demand model.
The price floor has a measurable impact on the market. The lowest price at which a product can be sold. Also known as price support it represents the lowest legal amount at which a good. By observation it has been found that lower price floors are ineffective.
