Examlex
Why do the meanings of concepts and symbols change over time?
Price Floor
A government or group-imposed price control that sets the lowest legal price a commodity can be sold at.
Government
The organization or system through which a community, state, or nation is governed and regulatory and administrative functions are conducted.
Binding Price Floor
A binding price floor is a government-imposed limit on how low a price can be charged for a product or service, set above the equilibrium price, leading to potential surpluses.
Surplus
The excess of supply over demand in a market, resulting in lower prices.
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