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what is a price floor?

Price floor is a legally established minimum price that can be charged for a good

what is the attempt to set a minimum price for goods called?

price floors

what is the effect of price floor in the market for a certain good?

A price floor on a certain good would cause a surplus of it

what is the effect on supply when price floors are set above the equilibrium price?

A price floor creates excess supply when it is set above the equilibrium price

If there is excess supply for a product because of price controls, we can be sure that the price control being used is a?

price floor

An effective price floor will result in

a product surplus.

what would happen if there was a price floor on wheat?

There would be a surplus of wheat