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Market Equilibrium & Price Controls · Question 42 of 52

Question 42

MediumOriginal question

The minimum support price (MSP) for wheat in India is an example of

Options for question 42

Show the answer and explanation
CorrectNot quiteAnswer A

Correct answer: A

Explanation

  1. MSP is the price at which the government stands ready to buy, so farmers need not sell below it.

  2. A guaranteed lower limit on price is a price floor.

Concept
MSP as a price floor
Typical time
70 s
Your time
—
The rule this testsPrice ceiling and price floor
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Ten questions from Market Equilibrium & Price Controls, at your own pace.

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Ten questions from Market Equilibrium & Price Controls, at your own pace.

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