Questions: he minimum price for a good set by the government above the equilibrium price is called a: a. parity price ratio. b. market-generated price. c. price ceiling. d. price floor.

he minimum price for a good set by the government above the equilibrium price is called a: a. parity price ratio. b. market-generated price. c. price ceiling. d. price floor.
Transcript text: he minimum price for a good set by the government above the equilibrium price is called a: a. parity price ratio. b. market-generated price. c. price ceiling. d. price floor.
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Solution

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The answer is D: price floor.

Explanation for each option:

a. Parity price ratio: This term refers to a price level intended to give agricultural products the same purchasing power they had during a base period. It is not directly related to setting a minimum price above the equilibrium.

b. Market-generated price: This is the price determined by the forces of supply and demand in a free market, without government intervention. It is not a government-set price.

c. Price ceiling: A price ceiling is a maximum price set by the government below the equilibrium price to prevent prices from going too high. It is the opposite of a price floor.

d. Price floor: A price floor is a minimum price set by the government above the equilibrium price to ensure that prices do not fall below a certain level. This is the correct answer as it matches the description given in the question.

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