Which of the following best describes the term "Minimum Export Price" sometimes seen in the news?
1
It is the fixation of price levels for wheat and rice by the Commission for Agriculture Costs and Prices (CACP) for domestic market.
2
It is the floor price above which an exporter shall not sell the product to an overseas customer.
3
It is the floor price below which an exporter shall not sell the product to an overseas customer.
4
It is the floor price below which an exporter shall sell the product to an overseas customer.