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Price Ceiling Vs Price Floor. The next section discusses price floors. Give an example of a price ceiling and an example of a price floor.
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A price floor is a minimum price at which a product or service is permitted to sell. Also known as price support it represents the lowest legal amount at which a good. When prices are established by a free market then there is a balance between supply and demand.
A price ceiling is the opposite a maximum selling price to.
Price floor is typically proposed to ensure good income of people involved in farming agriculture and low-skilled jobs. The opposite of a price ceiling is a price floor which sets a minimum purchase cost for a product or service. The next section discusses price floors. Price ceiling as well as price floor are both intended to protect certain groups and these protection is only possible at the price of others.
