CUET Preparation Today
| Price floor normally set is ______ the market determined price. |
Lower than Higher than Equal to Less than equal to |
| Higher than |
| A price floor is the lowest legal price that can be paid in a market for goods and services, labor, or financial capital. Perhaps the best-known example of a price floor is the minimum wage, which is based on the normative view that someone working full time ought to be able to afford a basic standard of living. The floor is normally set at a level higher than the market-determined price for these goods. |
