word

price support mechanism

PRYS suh-PORT MEK-uh-niz-um

praɪs səˈpɔːrt ˈmɛkənɪzəm

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Syllable breakdown

pricesupportmechanism

Dictionary meaning

Government policy tool that sets a minimum price for agricultural commodities to stabilize farm income and prevent prices from falling below production costs

Examples

The price support mechanism for rice prevented rural poverty from deepening during the harvest glut.
Price support mechanisms can lead to surplus production if set above market clearing prices.

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