What Condition Is Necessary for a Price Floor to Have

question 16

Essay

What condition is necessary for a price floor to have an impact on a market? Describe two effects that a price floor can have on a market.

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Definitions:

Sales Era

describes a historical period in marketing where the primary focus was on selling and pushing products to consumers, regardless of their needs or desires.

Marketing Era

A period in the history of business development when the focus shifted towards identifying and meeting the needs and wants of consumers, emphasizing marketing strategies.

Production Era

A period in business history when the focus was primarily on manufacturing and the efficiency of production processes.

Convenience Store

is a small retail establishment that stocks a range of everyday items such as groceries, snack foods, and over-the-counter drugs, known for its extended operating hours.