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What is the difference between a price floor and a price ceiling?


A price floor is the minimum price allowed for a good. A price ceiling is the maximum price allowed for a good.

A price floor is the maximum price allowed for a good. A price ceiling is the minimum price allowed for a good.

A price floor is an advantage for consumers for buying a good. A price ceiling is a disadvantage for consumers for buying a good.

A price floor is a disadvantage for consumers for buying a good. A price ceiling is an advantage for consumers for buying a good.

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studyinghalfasleep
A price ceiling is the maximum legal price that can be charged for a product. Rent controlled apartments are an example of a good that has a price ceiling.

A price floor is the lowest legal price that can be paid for a good or service. State and federal minimum wage is an example of a price floor, so are agreements often made by labor unions.
A is the correct answer

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