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Gaurav Seth 6 years, 10 months ago
Minimum price ceiling or Price floor 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. 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.
Effects of price floor:
(i) Minimum Return: Farmers are ensured with the minimum returns as their products are completely sold in the
market at comparatively higher price. This leads to an increase in their level of income.
(ii) Maximum Level of output: The government ensures to buy the full produce of the farmers which are not sold in
the market at the price floor. Hence, they are able to produce the maximum level of output.
(iii) Burden on Government: It also puts extra burden on the government revenues. It becomes mandatory for the
government to purchase the excess produce, even if it runs a sufficient volume of buffer stocks.
(iv) Higher Taxes: The government also tries to shift the burden (associated with purchasing the excess produce at
higher price) to the consumers and the traders in form of higher taxes.
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Gaurav Seth 6 years, 10 months ago
A coalition or cooperative arrangement between political parties intended to promote a mutual interest.
Cartel is an arrangement/organisation among producers or business firms to exert control over market by influencing price of the product or setting production targets. The main purpose of cartels is to maximize profit, or to avoid losses among the member firms.
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Yogita Ingle 6 years, 10 months ago
Laws enacted by the government to regulate prices are called price controls. Price controls come in two flavors. A price ceiling keeps a price from rising above a certain level—the “ceiling”. A price floor keeps a price from falling below a certain level—the “floor”.
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