Define Price Floor. What is the common purpose of fixation of floor price by the government? Explain any one likely consequence of this nature of intervention by the government.
                                                  OR
Define Price Ceiling. What is the common purpose for the price ceiling imposed by the government? Explain any one likely consequence of this nature of intervention by the government in the price determination process.

Dear student, 
Price floor refers to the fixation of minimum price at which the goods can be sold in the market. This is generally done in case of agricultural commodities withe the motive of welfare of farmers. Generally, the price that is set is greater than the equilibrium price. 
Consequently, there emerges excess supply in the market. 

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