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Market Equilibrium — Economics STD 12 Humanities & Commerce — Question

Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsMarket Equilibrium2 Marks
Question
What do you mean by price floor?
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Answer

Price floor means minimum price fixed by the government for a commodity in the market. In most of the countries, the government fixes floor price of most the agricultural products i.e. food grains in India. It is, generally fixed above the equilibrium price.

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