Examlex
Give the meaning of the following abbreviations.
-mets: __________
Minimum Wage
The lowest legal hourly pay that employers can offer to workers.
Legal Price
The price set by legal authority or regulation, often differing from market-driven prices.
Price Floor
A government or regulatory imposed minimum price above the equilibrium, typically set to protect producers or sectors from too low of prices.
Price Ceiling
A legal maximum price that can be charged for a good or service, above which it cannot rise.
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