Government intervention in agricultural markets was
a. ruled unconstitutional by the Supreme Court in 1936
b. initially introduced to promote agricultural exports and to curb agricultural imports from other countries, especially from Spain
c. initially designed to help consumers by legislating farm prices below their equilibrium levels
d. started in 1933
e. initially designed to promote productivity and to decrease the number of farms in the economy
D
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Which of the following statements is NOT true about the price system?
A) The price system allows resources to flow from low-valued uses to high-valued uses. B) Firms have total control over what consumers can buy. C) Individuals have freedom to purchase what they want. D) The price system allows for economic efficiency.
Limit pricing occurs when a firm sets price _________________.