A law establishing a minimum legal price for a good or service (the minimum wage for example) is known as O a price floor. O a price ceiling. O a price wall. O an equilibrium price.
A law establishing a minimum legal price for a good or service (the minimum wage for example) is known as O a price floor. O a price ceiling. O a price wall. O an equilibrium price.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 37CTQ: Explain why the following statement is false: In the goods market, no buyer would be willing to pay...
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![A law establishing a minimum legal price for a good or service (the minimum wage for example) is known as
O a price floor.
O a price ceiling.
O a price wall.
O an equilibrium price.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F73103701-8b6c-4b08-955b-2a8e607b14fe%2Fbc888e43-f29d-4908-b5aa-135f8fe7e194%2Fv786moq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A law establishing a minimum legal price for a good or service (the minimum wage for example) is known as
O a price floor.
O a price ceiling.
O a price wall.
O an equilibrium price.
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