Term:
Milk quota scheme
Definition:
A milk quota scheme is a supply control measure to limit the volume of milk produced or supplied. Quantities up to a specified quota benefit from full market price support. Over-quota volumes may be penalised by a levy (as in the European Union, where the “superlevy” is 115 per cent of the target price) or may receive a lower price.
Domain:
International Trade
Source:
OECD