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Price Floor in Economics: Definition & Examples

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question 1 of 3

What is a price floor in economics?

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1. You own a shoe store. If you pay your employees $6.00 an hour, which of the following is most likely to result?

2. What is the main aim of price floors?

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About This Quiz & Worksheet

Recognize price floor economics with this worksheet and quiz. To pass this quiz, you'll need to identify what price floor economics is as well as fair wages to pay workers.

Quiz & Worksheet Goals

Students will answer questions about:

  • The main aim of price floors
  • Examples of a price floor
  • What price floors can create in a competitive market

Skills Practiced

These study skills will be practiced:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on price floor in economics
  • Interpreting information - verify that you can read information regarding minimum wage and interpret it correctly
  • Information recall - access the knowledge you've gained regarding competitive markets

Additional Learning

Use the accompanying lesson to explore this subject fully. The lesson is named Price Floor in Economics: Definition & Examples and it will cover the following objectives:

  • Analyze minimum wage
  • Define agricultural produce
  • Recognize the effects of price floors
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