Price Floors In Agriculture Lead To Quizlet

The most common price floor is the minimum wage the minimum price that can be payed for labor. Perhaps the best known example of a price floor is the minimum wage which is based on the normative view that someone working full time ought to be able to afford a basic standard of living. They don t face incentives to cut costs by using more efficient production methods because the high price offers them protection from lower cost competitors.

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