support price

noun

1. the price at which the government will purchase commodities, especially farm produce, in order to maintain a certain price level.

Word History and Origins

Origin of support price¹

First recorded in 1940–45

Example Sentences

While this was seen as a huge victory for farmers, they had withdrawn from the strike only after the government made other promises including setting up of a committee to look into implementation of minimum support price for all crops.

From BBC

Several farm unions in India have been on strike since 13 February seeking floor pricing, which is also called minimum support price, for their crops.

From BBC

The farmers say guaranteed minimum support price for all 23 crops would stabilize their income.

From Seattle Times

The government had proposed buying pulses, maize and cotton at guaranteed floor prices - also known as Minimum Support Price or MSP - through cooperatives for five years.

From BBC

The government had proposed buying pulses, maize and cotton at guaranteed floor prices - also known as Minimum Support Price or MSP - through cooperatives for five years.

From BBC