Question:
In economics, Minimum Support Price (MSP) is the
In economics, Minimum Support Price (MSP) is the
Show Hint
MSP plays a crucial role in agricultural economics by providing price support to farmers, thereby ensuring a stable income and preventing exploitation in volatile markets.
Updated On: Mar 9, 2025
- minimum wage offered to the workers in the organized sector.
- price at which the government buys agricultural output from the farmers.
- minimum price the producers demand to sell their goods.
- None of these
Show Solution
Verified By Collegedunia
The Correct Option is B
Solution and Explanation
Minimum Support Price (MSP) is the minimum price at which the government purchases agricultural produce from the farmers, ensuring that they get a fair price for their crops. MSP is announced by the government for certain crops to protect the farmers from price fluctuations in the market and ensure they receive a minimum guaranteed income.
Thus, the correct answer is (2) price at which the government buys agricultural output from the farmers.
Thus, the correct answer is (2) price at which the government buys agricultural output from the farmers.
Was this answer helpful?
0
0
Top MAT General Awareness Questions
- Name India's largest pharma ceutical company with a turnover of Rs. 1000 crore
- Who is currently the Secretary-General of the UN?
- Under what brand name has MTNL started internet telephony to 168 countries?
- Who is the Cabinet Minister for Finance in the NDA Government?
- Name the renowned Indian space scientist who has been conferred the Officer of the Legion of Honour by the French Government.
View More Questions
Top MAT Economics Questions
- The Ninth Five-Year Plan covered the period
- A sustained and appreciable increase in the price level over a considerable period of time is known as
- Which country includes its income cocaine and narcotics in its GDP?
- Which of the following sectors is not the part of infrastructure?
- At the current average rate of growth, our GDPis all set to double every years.
View More Questions
Top MAT Questions
- If 7\(\%\) of the sale price of an article is equivalent to 8% of its cost price and 9\(\%\) of its sale price exceeds 10\(\%\) of its cost price by Re. 1, then what is the cost price of the article?
- Two passengers boarding a flight were found to have between them 34.5 kg of luggage. As per the excess luggage policy of the flight operator, the two passengers were made to pay Rs. 3.75 and Rs. 6.00 for the excess weight of their luggage. Later they found out that if the same luggage were to belong to just one person, then the excess luggage fee would have been Rs. 13.50. How much free luggage is allowed for each passenger?
- A person wishes to make a 100 sq m rectangular garden. Since he has only 30 m barbed wire for fencing, he fences only three sides letting the house wall act as the fourth side The width of the garden is
- A daily wage worker was paid Rs: 1,700 during a period of 30 days. During this period he was absent for 4 days and was fined Rs. 15 per day for absence. He was paid the full salary only for 18 days as he came late on the other days. Those who came late were given only half the salary for that day. What was the total salary paid per month to a worker who came on time every day and was never absent?
- The number of rectangles that you can find on a chessboard is
View More Questions