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Use the following to answer question:
-(Figure: Market I) Use Figure: Market I.If a price floor of $15 is imposed on this market and the government chooses to purchase the surplus,the government must buy _____ units of the good and spend a total amount of _____ on its purchase.
Freedom To Farm Act
A law passed in 1996 that revamped 60 years of U.S. farm policy by ending price supports and acreage allotments for wheat, corn, barley, oats, sorghum, rye, cotton, and rice.
U.S. Farm Subsidies
Government payments and financial support to farmers in the United States, aimed at stabilizing agriculture markets and incomes.
U.S. Farm Policy
A collection of laws and regulations that aim to support the agricultural sector in the United States through various means such as subsidies, price supports, and conservation initiatives.
Overallocation
The distribution of more resources or a larger share than is sustainable or equitable in a specific context.
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