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Is there a word for when the government stops business from raising prices after a minimum wage increase in order to protect from inflation?
People say, we can't raise minimum wage because businesses will just raise their prices and we'll be in the same situation as before. (The goal being, to make things more fair for the working poor - people who work respectable 40 hour work weeks but still don't make enough money to afford the average cost of living.)
Yes, the word is: Price Ceiling
More generally, this is called price controls.
A specific example of actually-existing price controls is rent controls. However, somewhat surprisingly, although America is generally perceived as being more pro-free-market than the UK, parts of America (such as New York City) have rent controls, while no part of the UK does.
