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A minimum price, set by the government, that must be paid for a good or service is called a _____.

Aprice wall
Bprice floor
Cprice field
Dprice ceiling

Verified Answer :

taskmasters

A minimum price, set by the government, that must be paid for a good or service is called a price floor. Option "B" is the correct option in regards to the question given. The minimum price is mostly set by the government for a fair playing field. Sometimes when there are huge production of certain vegetables, the prices tend to fall to a bare minimum and the farmers are hit the most. To regulate the price in such situations, the government steps in and creates a minimum buying price and that is also known as the price floor for that product.

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