The lowest amount a manufacturer can pay factory workers is an example of
Asked by wiki @ in Business viewed by 296 People
an incentive.
a price floor.
a price ceiling.
an elastic service.
Answered by wiki @
Answer: Price floor
Explanation:
A price floor is the legal minimum price control that is imposed by the government. It is binding when the equilibrium price is below the legal minimum price. At the price floor quantity supplied of a good is greater than its demand.Thus there is a surplus in the market at the price floor.
So, the lowest amount a manufacture can pay its factory workers is an example of a price floor.
Price ceiling is the maximum price that can be paid or charged for a good.
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