Question

Explain Minimum Price Ceiling and it’s implications.
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Answer 1

Minimum price ceiling means the least price that could be paid for a good or service. It is the price fixed by the government for a good in the market.

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Answer 2

Answer: Minimum price ceiling means the least price that could be paid for a good or service.

#ITS IMPLICATIONS ARE AS FOLLOWS: --

The government fixes the price on agricultural products and food grains in particular so that the farmers get their fair price of a commodity which otherwise actually can be sold with too low of a price.

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Explanation: