Practicing Success

Target Exam

CUET

Subject

General Test

Chapter

General Knowledge

Topic

Economics

Question:

What is the correct full form of "MSP" in the context of agriculture in India?

Options:

Maximum Supply Price

Minimum Supply Price

Maximum Support Price

Minimum Support Price

Correct Answer:

Minimum Support Price

Explanation:

Minimum Support Price (MSP) is minimum price that is set by the government for certain crops, at which the government would buy the crop from the farmers if the market forces of demand and supply offer a price which is less than the MSP.