Question

What is the difference between a price floor and a price ceiling?

A price floor is the minimum price allowed for a good. A price ceiling is the maximum price allowed for a good.
A price floor is the maximum price allowed for a good. A price ceiling is the minimum price allowed for a good.
A price floor is an advantage for consumers for buying a good. A price ceiling is a disadvantage for consumers for buying a good.
A price floor is a disadvantage for consumers for buying a good. A price ceiling is an advantage for consumers for buying a good.

Answer 1

Just like in math, floor means to round down (minimum), ceiling means to round up (maximum).

The only one that'd make sense would be the first statement.

Answer 2

Answer: The answer is A price floor is the minimum price allowed for a good. A price ceiling is the maximum price allowed for a good.

Explanation:

A price floor refers to the minimum price of a good or product. It is a price control which limits the lowest price of a product or service.

A price ceiling refers to the maximum price of a good. It is the price a seller is mandated to charge for a product or service. Government impose price ceiling in order to protect consumers from buying at higher or expensive prices.