Question : In the context of agricultural production, MSP refers to:
Option 1: Minimum Selling Price
Option 2: Minimum Support Price
Option 3: Maximum Support Price
Option 4: Maximum Selling Price
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Correct Answer: Minimum Support Price
Solution : The correct answer is Minimum Support Price.
The Minimum Support Price, also known as MSP, is a price set by the government for certain agricultural products or crops to protect farmers from sudden drops in prices. It is the rate at which the government purchases crops or produce from the farmers.
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