Price Floor

minimum price at which a good can be sold legally (Economics)

A price floor is a government-imposed limit on how low a price can be charged for a product. For a price floor to be effective, it must be greater than the equilibrium price. In the first graph at right, the supply and demand curves intersect to determine the free-market quantity and price.A price floor can be set above or below the free-market equilibrium price. In the second graph at right, the dashed green line represents a price floor set below the free-market price. In this case, the floor has no practical effect. The government has mandated a minimum price, but the market already bears a higher price.
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Noun
1. floor below which prices are not allowed to fall; "the government used price supports to maintain the price floor"
(hypernym) floor, base

A price, usually imposed by law, below which market prices are not permitted to floor; also called a Floor Price. See Price Ceiling.