Refer to the Above Figure

question 160

Multiple Choice

Refer to the above figure. In the absence of a subsidy,

• A)Qd would be demanded and would be supplied.
• B)the price Pd would be charged and quantity demanded.
• C)the quantity Qo and price Po would prevail in the market.
• D)None of the above is correct.

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Definitions:

Modernization

The process through which a society transforms itself from a traditional to a more contemporary form, often seen in technological advancement, social change, and economic development.

Industrialization

The development of industries in a country or region on a wide scale, often leading to significant social, economic, and cultural changes.

Agricultural Development

The process and practices involved in improving farming methods and the production of crops and livestock to increase food supply, efficiency, and sustainability.

Politicization

The process of making an issue political, thereby bringing it into the domain of public debate and decision-making.