Option 1 -> Minimum Support Price (MSP) is a government-set minimum price below which farmers' produce cannot be purchased, making it a classic floor price example.
Option 2 -> Price printed on an article is typically the Maximum Retail Price (MRP), which is a ceiling price, not a floor price.
Option 3 -> Price taken by seller is simply the actual selling price in a transaction, not a regulatory floor price.
Option 4 -> Price asked by buyer is the bid price or demand price, not a floor price mechanism.
Hence, Option 1: Minimum Support Price for Foodgrain -> A floor price is the minimum price set by law below which a commodity cannot be sold. MSP is implemented by governments to protect farmers from price crashes during surplus production. It ensures farmers receive a guaranteed minimum return for their crops, acting as a safety net. This is the most prominent example of a floor price in economic policy. -> correct