Question) Is price floor and support price are same? In the given diagram producer will buy less goods then before at floor price i.e. q'd - qe the shaded portion will be bought by government . Consumer and producer  both by the same price i.e OP*? Is this right or wrong and why producer less goods than before ?

Dear Student 

Yes price floor and support price are same concepts . They are price control measures placed above the equilibrium price so that sellers or agricultural producers do not get exploited by excessive lower prices . Producers will produce more . Supply will be at q's but quantity demanded will be at q'd at price level P* . The excess supply region shaded region will be bought by government .

Regards .

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