A Price Floor Is a Price

question 300

Multiple Choice

A price floor is a price

• A) below which a seller cannot legally sell.
• B) above which a seller cannot legally sell.
• C) that creates a surplus of the good if it is set above the equilibrium price.
• D) Both answers A and C are correct.

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Definitions:

Testing Ideas

The process of evaluating the viability or effectiveness of a concept through experimentation or pilot studies.

Business Idea

An initial concept which someone intends to turn into a viable business opportunity, focusing on a product, service, or innovation to fulfill a market need.

Potential Customers

Individuals or organizations that are considered likely to purchase a company's products or services but have not yet done so.

Home Care Business

A company that provides medical, therapeutic, or personal care services to individuals in their own homes.