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Meaning of minimum price

 

 

 

Minimum price

 

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Business glossary

 

Meaning of term minimum price :

 

A minimum price is a price floor set by a government or other agency below which the price charged is not permitted to fall. An example of a minimum price is a minimum wage which is a limit on the price in the labour market. Minimum prices will generally lead to an excess supply of the good or service as more people will want to supply the good because of the higher price, but fewer people will demand the good.

 

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Meaning of term minimum price

 

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