Question

A price floor is Group of answer choices often imposed when sellers of a good are successful in their attempts to convince the government that the market outcome is unfair without a price floor. a source of inefficiency in a market. a legal minimum on the price at which a good can be sold. All of the above are correct.

Answer 1

Answer: a legal minimum on the price at which a good can be sold.

Explanation:

A price floor is the lowest price the government approves for a product sales, in other words the product cannot be sold below the price floor. The price floor is set to protect the sellers from running at a loss in case the market price of a product is less than the expenses made in producing/buying that product.