The minimum assured price offered by the government to the farmers for the purchase of their output is called? |
Ceiling price. Equilibrium price. Support price. Market price. |
Support price. |
The correct answer is Option (3) → Support price. The support price (specifically known as Minimum Support Price or MSP) is the minimum assured price set by the government to purchase crops from farmers. It is intended to protect farmers against any sharp fall in market prices and ensure them a minimum profit for their harvest. |