Final answer:
A price floor, exemplified by minimum wage policies, is a government-imposed minimum price for goods or services, such as the federal minimum wage in the U.S.
Explanation:
A price floor is a government-imposed minimum price that must be paid for a good or service, such as the minimum wage policy. In the case of minimum wage laws, the government sets the minimum price that employers must pay their workers for an hour of labor.
For example, in the U.S., the federal minimum wage acts as a price floor to ensure workers are paid fairly. States can set their own minimum wages, which must be higher than the federal minimum. This policy aims to redistribute income and protect low-skill workers.
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