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daser333 [38]
3 years ago
8

The graph above shows how the price of video games varies with the demand quantity. Suppose that the price of video games is set

at $100 and not allowed to decrease. This is an example of a _____. price floor price ceiling
Business
1 answer:
ira [324]3 years ago
6 0
Price floor.
A floor, in real life, is at the bottom, below you — this then makes sense in business to say that a ‘floor’ represents the minimum value of something — in this case the price of video games.
In real life, a ceiling is above you, indicating that it could be used as a representative of a maximum value of something, like the price of a video game.

So, if we were to say that $120 was the ‘price ceiling’ for video games, then we would basically be saying that $120 is the most a video game could cost. If we were to say that $100 was the ‘price floor’ for video games, we would be saying that $100 is the minimum value that the price of a video game could assume.
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