Meaning of “support price” in the English Dictionary

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"support price" in Business English

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support pricenoun [ C ]

uk us

ECONOMICS a price for something, for example for a food product, that is set by the government. If the real price falls below the support price, the government pays farmers, etc. the difference between the two prices:

The government increased the support price for wheat.

(Definition of “support price” from the Cambridge Business English Dictionary © Cambridge University Press)