Price+Floors+econ

Definition: __Price Floors__ are the lowest prices any product can be legally sold at. They are used by the government to control prices of commodities from dropping too low. ex. Minimum wage: the minimum price that worker's can be paid for their labor.

Price floors must be set //**above**// the equilibrium price in order for them to be effective.

[|Price Floor Article]

The charity Alcohol Action Ireland wants to introduce a price floor for alcohol so that the selling of the product is restricted. The price floor would set a higher minimum price for alcohol so that it will be less accessible.