Aminimum price, set by the government, that must be paid for a good or service is called a
a. price wall
b. price floor
c. price field
d. price ceiling

A minimum price, set by the government, that must be paid for a good or service is called a price floor. Option "B" is the correct option in regards to the question given. The minimum price is mostly set by the government for a fair playing field. Sometimes when there are huge production of certain vegetables, the prices tend to fall to a bare minimum and the farmers are hit the most. To regulate the price in such situations, the government steps in and creates a minimum buying price and that is also known as the price floor for that product.