Supply restrictions in the farming industry occur in the form of
A. Countercyclical payments.
B. Acreage set-asides.
C. Direct income support.
D. Price supports.
Answer: B
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If a good is inferior, its
A. Income elasticity of demand is positive. B. Cross-price elasticity is negative. C. Price elasticity of demand is negative. D. Income elasticity of demand is negative.
The opportunity costs associated with the use of resources owned by a firm are usually
a. externalities. b. implicit costs. c. explicit costs. d. sunk costs.
The "crowding-out effect" suggests that
A. government spending is increasing at the expense of private investment. B. imports are replacing domestic production. C. private investment is increasing at the expense of government spending. D. consumption is increasing at the expense of investment.
When a monopolist sells the same product at different prices and the prices are related to cost differences, we have
A) monopoly pricing. B) marginal cost pricing. C) price discrimination. D) price differentiation.