Many Governments Around the World Attempt to Improve the Incomes

question 79

Multiple Choice

Many governments around the world attempt to improve the incomes of commodity producers by taking steps to increase the commodity price in the domestic market. Although this may reduce quantity demanded for the product, the action may be effective because:

• A) commodity supply tends to be inelastic, so quantity does not decline by much.
• B) commodity supply tends to be elastic, so producer income increases as a result of the higher prices and quantities.
• C) commodity demand tends to be inelastic, so higher prices generate higher sales revenue.
• D) commodity supply tends to be elastic, so producer income increases as a result of the higher prices and quantities

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Definitions:

Common Properties

Characteristics or features shared by a group of objects, concepts, or entities.

Executive Functioning

Cognitive processes including planning, working memory, attention, problem solving, verbal reasoning, inhibition, mental flexibility, task switching, and initiation and monitoring of actions.

Goal-Directed Behaviors

Refers to actions or activities that are carried out with a specific outcome or objective in mind.

Self-Control

The ability of an individual to regulate their thoughts, emotions, and behaviors in the face of temptations and impulses.