government want to statutory control over price of some specific commodity
Minimum Export Price is the minimum price at which the government buys the agricultural produce (wheat, Rice etc) from the farmers.
minimum wage
True
minimum wage
A price floor is the minimum price set by the government where as a price ceiling is the maximum price sellers can charge for a good or service.
Minimum Export Price is the minimum price at which the government buys the agricultural produce (wheat, Rice etc) from the farmers.
minimum wage
True
The lowest legal price that can be paid for a good or service.
A price floor is government imposed limit on how low a price can be charged for a product or service. An example of a price floor in the US are minimum wage laws. The government has set the minimum wage that a company can pay an employee.
minimum wage
Minimum wage.
Minimum wage.
A price floor is the minimum price set by the government where as a price ceiling is the maximum price sellers can charge for a good or service.
The minimum price legislation is the commodity sold at any price price below the one stated example government or authorities. The intention is to protect the supplier at times when the market id at equilibrium and price tends to fall (due surplus). To be effective, a minimum price must be set above prevailing current market equilibrium price. Also there should be no cheating.
Government sets the minimum selling price and prices of goods are not supposed to fall below this price. This Causes Surplus and purchasers Overpay.
this policy fixes the minimum prize of any sale able product by interfering in market driven prices. this aim's at protecting the interest of customer, seller and even both. suppose farmer's producing, sugarcane had surplus production. this will reduce the price of sugarcane. in order to compensate there loss,government will intervene, to fix minimum price of procurement of sugarcane. in this case, government protected the loss of farmers. sugar manufacturing industries can't procure sugarcane below the minimum price fixed.