All of the following result from price floors in agriculture EXCEPT
A) surpluses of agricultural products that have price floors.
B) higher prices to consumers for agricultural products that have price floors.
C) lower prices to consumers for agricultural products that have price floors.
D) governmental bureaucracy.
Answer: C
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Refer to the scenario above. What is the expected value of the game?
A) $20 B) $50 C) $100 D) $300
In the sequential negotiation games:
a. You can induce a change in the strategy in your opponent only if your threat is believed b. Any threat can induce a change in strategy in your opponent c. A threat that is believed is one that you will not have to carry out d. A and C
The law of supply can be stated as all else equal:
A. quantity supplied rises as income falls. B. quantity supplied rises as income rises. C. quantity supplied rises as price rises. D. quantity supplied rises as price falls.
Under an average cost pricing rule, a regulated natural monopoly ________ and there is ________
A) makes an economic profit; a deadweight loss B) makes zero economic profit; no deadweight loss C) makes zero economic profit; a deadweight loss. D) incurs an economic loss; no deadweight loss