Problem
We've all encountered price floors in the labor market. Have you wanted a job and been willing and available to work, but unable to get hired?
Would you have taken a job for a slightly lower wage if one had been available?
We've also encountered price supports in markets for food. We pay more for tomatoes, sugar, oranges, and many other food items than the minimum cost of producing them.
Develop your policy position on price floors and price ceilings, then share your opinions with the class. What has the effect of price floors and price ceilings been on you? Your family?