The price on which it is limit that no less profits would be accepted less than this price is classified as?
Correct answer: B. price floor
- A. cost ceiling
- B. price floor
- C. price ceiling
- D. cost floor
Explanation
A price floor is the lowest price acceptable to the seller, often because charging below it would not cover costs or provide the required profit. A price ceiling is the maximum price permitted or charged.
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