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A government-set minimum wage is a price floor on the price of labour. A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, [21] good, commodity, or service. A price floor must be higher than the equilibrium price in order to be effective. The equilibrium price, commonly called ...
A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, [1] good, commodity, or service. It is one type of price support; other types include supply regulation and guarantee government purchase price. A price floor must be higher than the equilibrium price in order to be effective ...
A price ceiling is a government- or group-imposed price control, or limit, on how high a price is charged for a product, commodity, or service.Governments use price ceilings to protect consumers from conditions that could make commodities prohibitively expensive.
The Office of Price Administration and the Legacy of the New Deal, 1939-1946. Public Historian, (1983) 5:3 pp. 5–29. JSTOR; Bartels, Andrew H. The Politics of Price Control: The Office of Price Administration and the Dilemmas of Economic Stabilization, 1940-1946. (Ph.D. dissertation, The Johns Hopkins University, 1980.) Galbraith, J. K.
The setting of price controls in the form of price-cap regulation or rate-of-return regulation, especially for natural monopolies. Where there is non-compliance, this can result in: Financial penalties; or; A de-licensing process through which an organization or person, if judged to be operating unsafely, is ordered to stop or suffer a penalty.
In economics, a price support may be either a subsidy, a production quota, or a price floor, each with the intended effect of keeping the market price of a good higher than the competitive equilibrium level. In the case of a price control, a price support is the minimum legal price a seller may charge, typically placed above equilibrium.
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A regulated market (RM) or coordinated market is an idealized system where the government or other organizations oversee the market, control the forces of supply and demand, and to some extent regulate the market actions. This can include tasks such as determining who is allowed to enter the market and/or what prices may be charged. [1]