Governments often use 2 other methods of intervention in the markets for farm products including:
What will be an ideal response?
1. Production quotas
2. Subsidies
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The manner in which one oligopolist reacts to a change in price, output, or quality made by another oligopolist in the industry is
A) a cooperative game. B) the reaction function. C) a zero-sum game. D) the concentration ratio.
Prior to 2008, the primary tool used by the Fed to control the money supply was
a. the manipulation of the required reserve ratio banks must hold against their checking deposits. b. the extension of loans to financial institutions. c. the buying and selling of stocks and corporate bonds. d. the buying and selling of U.S. Treasury securities.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.
Sale prices mean that a good's price is
A. equal to the equilibrium price. B. otherwise set above the market price. C. temporarily reduced. D. a meaningless variable.