The primary focus of U.S. farm policy has been
A. Price supports.
B. Low-interest loans.
C. Tax credits for mechanical equipment.
D. Subsidies.
Answer: A
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In the above figure, point A is ________, and point B is ________
A) attainable, attainable B) attainable, unattainable C) unattainable, attainable D) unattainable, unattainable
If a firm sells more than the break-even quantity,
a. It will make a profit b. It will only cover the variable costs c. It will make a loss d. A firm is unable to sell above the break-even quantity
Use the above figure. The AFC at output level 20 is
A. $3.00. B. $10.00. C. $1.00. D. $0.50.
You are the only seller of eggs in town, and the price-elasticity coefficient for eggs is known to be 0.8. If you want to increase your sales quantity by 10% through a price-change, what should you do to price?
A. Increase price by 12.5% B. Reduce price by 12.5% C. Increase price by 8% D. Reduce price by 8%