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12) The Government of India announces Minimum Support Price (MSP) for which of the following crops?

Question

  1. The Government of India announces Minimum Support Price (MSP) for which of the following crops?
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Solution 1

The Government of India announces Minimum Support Price (MSP) for various crops. The crops for which MSP is announced include:

  1. Wheat
  2. Rice
  3. Maize
  4. Barley
  5. Mustard
  6. Sunflower
  7. Soybean
  8. Cotton
  9. Sugarcane
  10. Pulses (such as lentils, chickpeas, and pigeon peas)

These are some of the major crops for which the government sets a minimum price to ensure that farmers receive a fair and remunerative price for their produce. The MSP helps in stabilizing agricultural prices and providing income security to farmers.

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Solution 2

The Government of India announces Minimum Support Price (MSP) for various crops. The crops for which MSP is announced include:

  1. Wheat
  2. Rice
  3. Maize
  4. Barley
  5. Pulses (such as lentils, chickpeas, and beans)
  6. Oilseeds (such as mustard, soybean, and groundnut)
  7. Cotton
  8. Sugarcane

These are some of the major crops for which the government sets a minimum price to ensure that farmers receive a fair and remunerative price for their produce. The MSP is determined by taking into account various factors such as production costs, market demand, and the need to provide income security to farmers.

This problem has been solved

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Due to bushfire, mango farmers who operate in the perfectly competitive market are facing potential enormous economic loss. The government decides to put in price floors to help mango farmers. The demand function for Mango is given by: P = 30–0.5Q. The supply function is given by: P = 15 + 0.25Q. Which of the following price floors will be binding? Group of answer choicesP = 25P = 27P = 28P = 29All of the other answers are correct.

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