| I. It is that price at which government purchases the crop after harvesting, while MSP is the minimum price at which government declares it will buy the crop. |
| II. It is that price at which people purchases the crop after harvesting, while MSP is the maximum price at which government declares it will buy the crop. |
| III. It is the price at which people purchase the product from the government |
A) Only I
B) II & III
C) Only III
D) None of the above
Correct Answer: A
Solution :
Procurement price is that price at which government purchases the crop after harvesting, while MSP is the minimum price at which government declares it will buy the crop. Since 1968-69, the MSP is usually the procurement price.
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