Refer to the Graph of the Market for Wheat

question 44

Multiple Choice

Refer to the graph of the market for wheat. The government adopts a price support program for wheat and supports the wheat price at P ₂. As a result of this price support program,

• A)there will be a shortage of wheat in the amount of AB.
• B)there will be a surplus of wheat in the amount of Q₁ Q₂.
• C)there will be a surplus of wheat in the amount of Q₀ Q₂.
• D)wheat farmers will receive less total income than if there were no price support program.

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