Floors and Ceilings

Maximum price that something can have

Usually government controlledGas (post crisis) Rent (rent control in New York City and other areas)

Pay to play (family max in some school districts)

Price ceiling

Minimum price that something can have

Government will controlMinimum wage is probably one of the best examples

Why do we have a minimum wage?

Price Floor

Ohio Minimum Wage 2012: $7.70/hour

Federal Minimum Wage 2012: $7.25/hour

Tipped Employee Ohio Minimum Wage 2012: $3.85/hour plus tips

Minimum Wage 2012