Define the term Control price and support price.

1.	Define the term Control price and support price.
Answer» Control price means price of the good is fixed below its equilibrium price with a view to ensuring some minimum supply of the essential commodities to a targeted group of people. Support price is fixed by the government above the equilibrium price with a view to ensuring some minimum income to the farmers.

Answer»

Control price means price of the good is fixed below its equilibrium price with a view to ensuring some minimum supply of the essential commodities to a targeted group of people.

Support price is fixed by the government above the equilibrium price with a view to ensuring some minimum income to the farmers.

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Define the term Control price and support price.

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