Use the Following to Answer Question 70

question 142

Multiple Choice

Use the following to answer question 70:
-Suppose that Canadian sheep farmers are very upset about the subsidies the UK government pays to British sheep farmers.One reason for this could be that subsidized wool from the United Kingdom:

• A) leads to wool surpluses in the United Kingdom and lower prices for Canadian farmers on world markets.
• B) raises the world price of wool.
• C) has led to a global shortage of wool.
• D) has led to an increase in the demand for Canadian wool.

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Definitions:

Number of Sellers

The total count of individuals or entities offering a specific good or service in the market.

Production Technology

The methods, equipment, and processes used to produce goods and services.

Income

The financial gain received, often measured on a regular basis, through work, investments, or business ventures.

Number of Sellers

Refers to the quantity of providers or suppliers available in the market offering a similar product or service.