Price floor

A price floor is like a floor or a floor in your house. It's like a rule or a law that says that a product or good needs to have a certain minimum price, meaning it can't be sold for any lower price than what the price floor is. For example, if the price floor for bread is $2, that means that bread can't be sold for less than $2. So, if the store wanted to sell the bread for $1, they wouldn't be able to do that because it wouldn't meet the price floor.