A minimum price legislation is also called

Assessment: WAEC SSCE - Economics - 2022 (Objective) Subject: Economics

Question 1 Report

A minimum price legislation is also called
Answer Details
Minimum price is often called price floor and it is fixed by the government to protect the producer or seller. Minimum price is set above the equilibrium price and when this occur, there will be excess supply over demand i.e surplus.
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