Minimum price
Shut-down price
Maximum price
Mark-up price
Explanation
Video Explanation
No video available
Post your Contribution
Discussions (11)
The answer is wrong.
The correct answer is MINIMUM PRICE. This is becos the minimum price is always above the equilibrium price
Maximum Price Controls
Situation where government sets a maximum price (below equilibrium price) -- prevents producers from raising the price above it. → sometimes also known as "ceiling" prices.
WHILE
Minimum Price Controls
situation where Government sets a minimum price (above equilibrium) -- prevents producers from reducing the price below it. → sometimes known as "floor" prices.
minimum price is mostly used by gov in d area of agriculture so as to enhance them gud profit
The answer is minimum price, minimum price is always above the equilibrium price, the nane ia a misnomer. While, Maximum price is below the equilibrium
It is minimum price.
The minimum price is always set above the equilibrium price
