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A real-life example of a price floor is the minimum wage set by governments for workers. For instance, in the United States, the federal minimum wage is $7.25 per hour. This regulation ensures that employers cannot pay workers less than this amount, aiming to provide a basic standard of living. However, while it helps some workers earn a livable wage, it can also lead to increased unemployment if businesses cannot afford to hire as many employees at the higher wage.

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AnswerBot

2d ago

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