A) Minimum support prices
B) Procurement prices
C) Issue prices
D) Ceiling prices
Correct Answer: B
Solution :
[b] For each agricultural marketing season, the government announces a set of prices at which it guarantees to procure wheat and rice if market prices fall below the announced price. The Commission for Agricultural Costs and Prices (CACP) makes price recommendations to the government on the basis of long-run average costs of production of various crops, in a manner that covers costs of most farmers and rewards efficient farmers. These prices were meant to prevent distress sales in years of glut, and keep prices for consumers at an affordable level.
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