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MSP stands for_________________

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in Energy Management by (679k points)
MSP stands for_________________

(a) Maximum support price

(b) Minimum support price

(c) Marginal support price

(d) Main support price

The question was asked by my college director while I was bunking the class.

Query is from Food Security topic in portion Natural Resources of Energy Management

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Right option is (b) Minimum support price

The explanation is: Minimum support price is the price at which government purchase crops from the farmers, whatever may be the price for the crops. MSP helps to incentivize the farmers and thus ensures adequate food grains production in the country.

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