Demand for farm products, in general, is said to be relatively price inelastic. Therefore, U.S. farm policy, which is designed to keep farm prices above equilibrium, should
a. decrease farm incomes
b. increase farm incomes
c. not affect farm incomes
d. reduce the number of farmers
e. lower food prices for consumers
B
Economics
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If the price level doubles, the
A) nominal demand for money doubles. B) nominal demand for money drops by half. C) real demand for money drops by half. D) real demand for money doubles.
Economics
If a consumer receives 22 units of marginal utility for consuming the first can of soda, 20 units from consuming the second, and 15 from the third, the total utility of consuming the three units is
A) 57 utility units. B) 35 utility units. C) 15 utility units. D) unknown as more information is needed to determine the answer.
Economics