If an Agricultural Price Support Keeps a Price Above the Equilibrium

question 83

Multiple Choice

If an agricultural price support keeps a price above the equilibrium market price,

• A)Shortages of agricultural products will result.
• B)More resources will be devoted to agriculture than are optimal.
• C)There will be redistribution of income from the government to consumers.
• D)There will be positive market feedback leading to even higher prices.

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Definitions:

Criticism

The practice of analyzing, evaluating, and sometimes questioning beliefs, actions, or works, often to foster improvement.

Costly

Refers to something that requires a great amount of resources, such as money, time, or effort, to obtain or maintain.

Patriotic Assimilation

The process by which immigrants adopt the cultural norms and values of their new country, often emphasizing loyalty and pride in national identity.

Americanization

The process through which immigrant communities come to adopt the cultural norms and values of the United States, often discussed in the context of assimilation policies and debates.