Which group of farmers benefits the least from price supports in agriculture?
A. Those farmers receiving the highest average farm-family income
B. Those farmers receiving the midrange average farm-family income
C. Those farmers receiving the lowest average farm-family income
D. Large corporate farms
C. Those farmers receiving the lowest average farm-family income
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If a country imposes a tariff on imported shoes, we expect the domestic price of shoes to _______ and the quantity of shoes consumed in the domestic market to _______ .
A) fall; fall B) fall; rise C) rise; fall D) rise; rise
"Rate averaging" is only possible if
a. the firm is protected from price competition and new entry. b. the firm is protected from losses resulting from unsuccessful innovation. c. the firm can choose the level of service it wishes to provide. d. "cream skimming" is permitted.