Price floors are introduced to:
(a) Help suppliers as they know that the maximum price they will receive for their output is above equilibrium.
(b) Help suppliers as they know that the minimum price they will receive for their output is above equilibrium.
(c) Help consumers to ensure that they are not exploited by producers and allow them to purchase at a price lower than equilibrium.
(d) Prevent inflation within the market.
Answer: (b) Help suppliers as they know that the minimum price they will receive for their output is above equilibrium.
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