Suppose the Government Decides to Create a Price Support (Floor)on

question 56

Multiple Choice

Suppose the government decides to create a price support (floor) on the price of corn, which of the following is a true statement?

• A)A binding price support/floor will tend to lower the price of corn for poorer people.
• B)If the government does not buy any wheat, there will tend to be an excess supply of wheat in the marketplace, if the price floor is binding.
• C)A non-binding price support/floor below the equilibrium price in the market will also lead to a rise in the price of corn.
• D)It is likely that the total surplus (consumer surplus plus producer surplus)will rise with a price support program.

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Definitions:

Set Interface

An interface in Java Collections Framework representing a collection that contains no duplicate elements, designed for storing unique elements.

Duplicate Elements

Repeating or identical items within a collection or set of data.

List< T >

A generic collection in .NET that holds elements of a specific type, denoted by T.

Set< T >

Represents a collection of objects, where each object in the set is unique and of type T.