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Minimum Price

Minimum Price. A minimum price is a price floor, the market price cannot fall below it.

A minimum price causes price to rise to P’, quantity demanded to fall to Qd and quantity supplied to rise to Qs. Resultantly there is excess supply Qs – Qd.

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  • University Essays
    • Macro
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    • Development
    • Econometrics
  • Revision
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    • Definitions & Key Concepts
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    • Economic Schools of Thought
    • Famous Economists
    • Case Studies: Financial Crises
  • Micro-Mania
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    • Economics Jokes
    • Epic Government Failures
    • X-Files: Economics Edition
    • Fun Economics Videos
    • Economics Conspiracy Theories
    • Movie and Video Game Fan Theories
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    • Paperback vs. eBook
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