Which of the following is an example of a price floor set by the government? the minimum wage price controls on oil in the 1970s rent controls minimum bids on eBay
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A price floor means that: inflation is severe in this particular market. sellers are artificially restricting supply to raise price. government is imposing a maximum legal price that is typically below the equilibrium price. government is imposing a minimum legal price that is typically above the equilibrium price.
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