Answer: Support price is a minimum price fixed by the government to protect producers, especially farmers, from very low market prices.

Effects on producers:

• Farmers get a minimum price for their crops.
• It helps protect their income when market prices fall.
• If buyers do not purchase enough goods at that price, the government may buy the surplus under the support scheme.

Example: The government announces a minimum support price for wheat to help protect farmers’ earnings.

Remember: Support price protects producers by providing a minimum price.