Question

what is the full form of
MRP and MSP. (economics)



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Answer 1

MSP=Minimum spport price

MRP=Maximum retail price

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Answer 2

Explanation:

Minimum Support Prices. From Arthapedia. Minimum Support Price (MSP) is a form of market intervention by the Government of India to insure agricultural producers against any sharp fall in farm prices.

Marginal revenue product (MRP), also known as the marginal value product, is the market value of one additional unit of output. The marginal revenue product is calculated by multiplying the marginal physical product (MPP) by the marginal revenue (MR).

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