16. A price floor represents: a. a maximum price that can be legally charged for a product or service. b. a minimum price that can be legally charged for a good or service. c. a lottery imposed upon producers by the government, d. a first come, first serve mechanism for controlling prices.

b. minimum price that can be legally charged for a product or service

Explanation:

A price floor represents a minimum price that can be legally charged for a product or service. A price floor is the lowest legal price that can be paid in markets for goods and services, labor, or financial capital. There are many  goods which have price floors imposed  by the government; for example agriculture good. In an organizations, unions may also impose price floors which could be the minimum rates for the staff etc.

The correct term to fill in the blank would be specialty. A product where a buyer would not accept any substitute is considered as a specialty product. These are products where the consumers would really seek because of having exceptional characteristics or the brand name itself.