Option 1: Floor Pricing -> MSP sets a minimum price below which the commodity cannot be sold.
Option 2: Price Ceiling -> This is a maximum price limit, opposite of MSP.
Option 3: Maximum Retail Price -> This is the highest price for consumers, not a minimum for producers.
Option 4: Price Discrimination -> This involves charging different prices to different buyers, unrelated to MSP.
Hence, Floor Pricing -> Minimum Support Price (MSP) is a classic example of floor pricing where the government sets a minimum price to protect farmers from price drops. It ensures producers receive a guaranteed minimum price for their produce, acting as a safety net. The government purchases the surplus at MSP if market prices fall below this level, thus maintaining the price floor. -> correct