Some Countries in the Developing World Use Price Controls on Rice

question 61

Essay

Some countries in the developing world use price controls on rice to make it easier for poor people to afford.Demonstrate the effect of a binding and non-binding price ceiling on the rice market using supply-demand diagrams.

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Definitions:

Fossil Record

The accumulation of evidences, such as bones, shells, or imprints, left by organisms in sedimentary rocks, providing a historical sequence of life on Earth.

Speciation

The evolutionary process by which populations evolve to become distinct species, typically through genetic isolation from other populations.

Isolated Population

A group of organisms that is physically or genetically separated from others of the same species, leading to distinct evolutionary paths.

Sexual Isolation

It refers to a type of prezygotic barrier where different species are isolated from each other by differences in mating rituals, timing, or other behaviors, preventing mating.