What are minimum price controls?

Minimum price controls are regulations set by a government or other authority that establish a minimum price at which a good or service can be sold. This is done to prevent prices from falling below a certain level, which can help protect producers from unfair competition or ensure that essential goods and services remain affordable for consumers. Minimum price controls are often used in industries such as agriculture, where fluctuations in market prices can have a significant impact on producers' livelihoods.

Minimum price controls set a legal minimum price below which goods or services cannot be sold. They are typically implemented to support producers and maintain a stable market, particularly in agricultural industries.