An Agricultural Price Support

question 95

Multiple Choice

An agricultural price support

• A)will create a surplus in the relevant market,assuming the price support is above equilibrium price.
• B)will create a shortage in the relevant market,assuming the price support is above equilibrium price.
• C)is an example of a price floor.
• D)will lead to greater total revenue for farmers if demand (for the product)farmers sell is inelastic between the equilibrium price and the price support (and assuming the price support is above equilibrium price).
• E)a,c,and d

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