Lecture Issues in economics today - Chapter 32: Farm policy
Lecture Issues in economics today - Chapter 32: Farm policy
After completing this unit, you should be able to: Conclude that economists generally are not in favor of price supports in agriculture; conclude that price variation is the leading economic justification for farm price supports, while also concluding that this is insufficient justification for most economists; apply supply and demand and consumer and producer surplus analysis to demonstrate economists’ reasoning in opposing farm price supports; describe and illustrate the mechanisms that are ty