What is the difference between a price floor and a price ceiling? a price floor is the minimum price allowed for a good. a price ceiling is the maximum price allowed for a good. a price floor is the maximum price allowed for a good. a price ceiling is the minimum price allowed for a good. a price ceiling below the equilibrium price has no effect. a price floor above the equilibrium price has no effect.

Much like in your house, the ceiling is the top and the floor is the bottom. A Price ceiling is the highest amount that the price can be and a price floor is the lowest amount a price can be.

You will see price ceilings and floors rarely in practice, but certain commodities will have them.

The correct answer would be:

A. A price floor is the minimum price allowed for a good. A price ceiling is the maximum price allowed for a good.

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