A Price Floor Is

question 178

Multiple Choice

A price floor is

• A)a legal minimum on the price at which a good can be sold.
• B)often imposed when sellers of a good are successful in their attempts to convince the government that the market outcome is unfair without a price floor.
• C)a source of inefficiency in a market.
• D)All of the above are correct.

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Definitions:

Elmina

A town in Ghana, West Africa, known for the Elmina Castle, which was a major trading post and holding area for enslaved Africans during the transatlantic slave trade.

African Slaving Posts

Refers to locations along the African coast established by European traders from the 15th century for the capture and sale of African people into the transatlantic slave trade.

Axim

A coastal town in Ghana known for its historical significance in the context of European colonialism and the Atlantic slave trade.

Black Slaves

Individuals of African descent who were forcibly taken or born into slavery, primarily used for labor and services without freedom or rights.