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Market Equilibrium — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMarket Equilibrium3 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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