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A price floor represents
a maximum price that can be legally charged for a product or service.
a lottery imposed upon producers by the government.
a first come, first served mechanism for controlling prices.
a minimum price that can be legally charged for a good or service.

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Answer:

A price floor represents a minimum price that can be legally charged for a good or service.

Explanation:

This reflects the least a price could be accepted for goods and services, any digression from such level would not be accepted for sales.

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