The diagram below shows supply and demand curves for bicycles in the domestic Canadian market.Assume that all bicycles are identical. 
FIGURE 33-4
-Refer to Figure 33-4.Assume there is free trade in bicycles.If the world price of bicycles is $500,domestic consumption is ________ at a price of ________.
Definitions:
Farm Subsidies
Financial aid and support provided by the government to farmers and agribusinesses to supplement their income and manage the supply of agricultural commodities.
Direct Payments
Payments made directly by the government to farmers, individuals, or businesses not requiring the provision of goods or services in return.
Countercyclical Payments
Government payments made to individuals or firms during times of economic downturns to offset decreases in demand and stabilize the economy.
Marketing Loans
Loans that allow farmers to borrow against the value of their stored crops, which acts as collateral, providing them with liquidity while they wait for favorable market conditions to sell.
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