Suppose the Government Has Imposed a Price Floor on the Market

question 33

Multiple Choice

Suppose the government has imposed a price floor on the market for soybeans.Which of the following events could transform the price floor from one that is not binding into one that is binding?

• A)Farmers use improved,draught-resistant seeds,which lowers the cost of growing soybeans.
• B)The number of farmers selling soybeans decreases.
• C)Consumers' income increases,and soybeans are a normal good.
• D)The number of consumers buying soybeans increases.

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Definitions:

Minority Group

A segment of the population that differs from the majority in racial, religious, linguistic, or ethnic background, often experiencing disadvantage or discrimination.

Assimilation

The process by which individuals or groups adopt the customs, attitudes, and behaviors of another culture, often losing their original cultural identity.

Dominant Group

The social group within a society that holds the most power, authority, and privilege, dictating norms and values.

Canadian Charter

The Canadian Charter of Rights and Freedoms, part of Canada's Constitution, guarantees fundamental rights and freedoms to its citizens.