Exam (elaborations)
economics assignment
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assignment of microeconomics for ecomomics students as well as business students.
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NAME: FARYAL SHAHIDCLASS: BBA 1-G
ENROLLMENT NO:
SUBMITTED TO:
ASSIGNMENT : 1
PRICE FLORING:
Definition: Price floor is a situation when the price charged is more
than or less than the equilibrium price determined by market forces of
demand and supply. By observation, it has been found that lower price
floors are ineffective. Price floor has been found to be of great
importance in the labour-wage market.
Description: Minimum wage laws have been passed in various
countries to determine the minimum wages to be paid to the worker.
Minimum wages are formulated from the demand-supply curve of
labour. This helps the government ensure higher wages and a good
standard of living for the workers. But this has a flip side too. Price floor
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