Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Micro Economics: Market Equilibrium

Question:

In which of the following, price floor has been adopted in India?
i. Minimum wage legislation
ii. Medicines
iii. Agricultural price support programs
iv. Salt and other necessities
Alternatives:

Options:

i, iv

ii, iv

i, iii

i, ii, iii, iv

Correct Answer:

i, iii

Explanation:

Most well-known examples of imposition of price floor are agricultural price support programs and the minimum wage legislation.