Agriculture price supports that establish a price floor at which agricultural products may be purchased that exceeds the market clearing price
A) create a shortage of agricultural products.
B) result in the quantity of these products supplied exceeding the quantity demanded at the floor price.
C) benefit taxpayers, who receive subsidies from producers that the price support program forces to sell to the government at an artificially established price.
D) benefit consumers, who are willing and able to purchase more agricultural products at the floor price.
B
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In order to see how the labor market works as a whole, we need to add up all the:
A. supply curves of individual workers and the demand curves of individual firms to find market level supply and demand. B. observed equilibrium wages across all individual markets and take the weighted average. C. demand curves of individual workers and the supply curves of individual firms to find market level demand and supply. D. None of these statements is true.
Any event that increases the value of the marginal product of labor will:
A. increase labor demand. B. decrease labor supply. C. increase labor supply. D. decrease labor demand.
Over time, technological change has:
A. reduced both the price elasticity and income elasticity of the demand for farm products. B. reduced the minimum efficient scale of production in agriculture and increased the prices of farm products. C. increased both price elasticity and income elasticity of the demand for farm products. D. increased the minimum efficient scale of production in agriculture and reduced the prices of farm products.
Ethics codes in corporate life tend to emphasize (a) compliance with laws and regulations, (b) honesty and integrity, and (c) avoidance of conflicts of interests. Which one is the most important in today's world? How does economics help in understanding its importance?
What will be an ideal response?