Which of the following refers to limits imposed on the lowest price that can be charged for a product?

The correct answer is indeed Price Floor. A price floor is defined as a minimum price set by the government or regulatory bodies that must be charged for a particular good or service. This is typically implemented to ensure that prices do not fall below a level that would threaten the financial viability of producers or to protect workers’ wages.

For instance, in the labor market, a minimum wage is a common form of a price floor that guarantees workers receive a baseline compensation for their labor. In agricultural markets, price floors may be instituted to support farmers' incomes by ensuring that the prices of essential crops do not drop too low.

Understanding price floors is crucial because they can lead to surpluses in the market. If the price is set too high, it may result in a situation where the quantity supplied exceeds the quantity demanded, creating excess supply.

This concept contrasts with price ceilings, which refer to a maximum price that can be charged for a product, often resulting in shortages if set below the equilibrium price. Price elasticity, on the other hand, relates to the responsiveness of the quantity demanded or supplied when prices change, while market regulation encompasses various measures taken to influence economic activities but does not specifically address pricing limits.