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Floors and Ceilings

Floors and Ceilings. Price ceiling. Maximum price that something can have Usually government controlled Gas (post crisis) Rent (rent control in New York City and other areas) Pay to play (family max in some school districts). Price Floor. Minimum price that something can have

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Floors and Ceilings

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  1. Floors and Ceilings

  2. Price ceiling • Maximum price that something can have • Usually government controlled • Gas (post crisis) • Rent (rent control in New York City and other areas) • Pay to play (family max in some school districts)

  3. Price Floor • Minimum price that something can have • Government will control • Minimum wage is probably one of the best examples • Why do we have a minimum wage?

  4. Minimum Wage 2012 • Ohio Minimum Wage 2012: $7.70/hour • Federal Minimum Wage 2012: $7.25/hour • Tipped Employee Ohio Minimum Wage 2012: $3.85/hour plus tips

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