All of the Following Result from Price Floors in Agriculture

question 227

Multiple Choice

All of the following result from price floors in agriculture EXCEPT

• A) surpluses of agricultural products that have price floors.
• B) higher prices to consumers for agricultural products that have price floors.
• C) lower prices to consumers for agricultural products that have price floors.
• D) governmental bureaucracy.

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Definitions:

Recognizance

An obligation in which a party acknowledges in court that he or she will perform some specified act and/or pay a price on failure to do so.

Bail

A thing of value, such as a money bail bond or any other form of property, that is given to the court to allow a person’s temporary release from jail and to ensure his or her appearance in court.

Offeree

A person or entity to whom an offer is made, which they can either accept or reject.

Offeror

The individual or party that presents a proposal or contract to another party for acceptance.