Answer
Price floor:
The meaning of a price ceiling is the maximum price of a commodity that the seller can charge from the buyers
Price ceiling:
It means the minimum price fixed by the government for a commodity in the market.
Work Step by Step
Price floor:
The meaning of a price ceiling is the maximum price of a commodity that the seller can charge from the buyers
The government fixes the price of the commodities much below the equilibrium market price of a commodity.
It becomes within the reach of the poorer sections of the society.
It is basically imposed to protect the consumer.
Price ceiling:
It means the minimum price fixed by the government for a commodity in the market.
It seems paradoxical.
A price floor is imposed to protect the producer.
