1. Price support programs: a. If maintained above market-clearing levels inevitably lead to surpluses b. Are...
1. Price support programs:
a. If maintained above market-clearing levels inevitably lead to surpluses
b. Are always mandatory for all farmers
c. Require outlets for purchased commodities
d. a and c above
e. None of the above
Homework Answers
Answer : The answer is option a.
In case of price support programs if price is higher than the equilibrium price level then there occur surplus. Because in case price level which is higher than the market clearing price level (equilibrium price level) then the quantity supplied become higher than the quantity demanded. Therefore, option a is correct.
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