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Describe major criticisms of the price-support system in agriculture.
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- Outline the advantages and disadvantages of consumer subsidies.Which of these is one effect of government price supports in the agriculture industry? The supply of agricultural goods is reduced relative to consumer demand. There is a greater competition from foreign agricultural suppliers. The price of agricultural goods is lower for consumers. There is a greater efficiency in the use of farmland by agricultural producersDemonstrate the effectiveness of the self-test kit price ceiling policy。
- The majority of farm subsidies flow toward . a. Poor, small-scale farmers. b. Rich, large-scale farmers. c. Government employees. d. Grain wholesalers.Discuss and provide two examples of how subsidies can be economically harmful.Maximum price (price ceiling): The role of the government and further government action Calculate the effects on markets and stakeholders of maximum prices
- A subsidy is a direct tax on imported goods Question 48 options: True FalseThe market for Commodity A is competitive. The demand curve for Commodity A is: Q = 65 - 2 P. The supply curve for Commodity A is: Q = 21 + 2.5 P. To encourage production of Commodity A, the government is considering introducing a subsidy of $0.6 per unit. What is the market equilibrium quantity under the government subsidy?Minimum price (price floor): Definition Diagrams Reasons for their implementation Revenue and spending with respect to Producers, Consumers and the Government Producer and Consumer surplus Consequences for consumers, producers and the government (EVALUATE) The role of the government and further government action Calculate the effects on markets and stakeholders of Minimum prices
- The price cap concept is one of the possible government interventions in the market and means that it is the price level at which a company must sell its product, which must be below the market equilibrium price. True or FalseThe market supply and demand for solar panels are given respectively by QS = 80P – 5,000 and QD = 65,000 – 20P, where P is price per solar panel and Q measures the quantity of solar panels. Suppose the government provides a £100 subsidy per solar panel. A. Calculate the price and equilibrium quantity before the government subsidy. B. Calculate the post-subsidy equilibrium quantity, the prices consumers pay and the price producers receive C. How much does the subsidy program cost the government? (3%)Government farm programs are very controversial since they are designed to assist only the farmers. But many analysts claim that farm programs are examples of binding price floor and serve only few. According to these analysts, these programs costs trillions of dollars and make households bear higher prices at the groceries and high taxes to finance the surplus caused the farm price controls. Therefore, they cause a deadweight loss to society. Do you think that the government should end the farm subsidy programs? Identify the pros and cons of your propositions. Also, consider the political, social and economic aspects of the issue.
