When a Surplus of Rice Occurs

question 330

Multiple Choice

When a surplus of rice occurs,

• A) the price of rice rises.
• B) the price of rice falls.
• C) there is a balance between the forces of supply and demand.
• D) the quantity demanded is greater than quantity supplied at the current price.
• E) the demand curve shifts rightward and the supply curve shifts leftward to eliminate the surplus.

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Definitions:

ITQ

Individual Transferable Quotas (ITQs) are a tool in fishery management that allocate a specific portion of the total allowable catch to individual fishermen or companies.

Fisheries Management

The regulatory practices aimed at preserving fish populations and aquatic ecosystems while ensuring sustainable usage by humans.

Transferable Quota

A system where certain rights (often to produce a certain amount of goods or emit a certain amount of pollutants) can be exchanged between entities.

Fisheries Management

The regulation and supervision of fishing activities to ensure sustainable use of aquatic resources.