11. a) Briefly explain the basic purpose and functioning of the price floor, one of the methods of direct govemment support, by drawing a graph.(10 points). b) Explain, by drawing a graph, the basic purpose and functioning of the premium system (financial aid system), which is another important type of direct support for agricultural producers. (10 points). c) Briefly explain the basic and most important difference between price floor and premium system.
11. a) Briefly explain the basic purpose and functioning of the price floor, one of the methods of direct govemment support, by drawing a graph.(10 points). b) Explain, by drawing a graph, the basic purpose and functioning of the premium system (financial aid system), which is another important type of direct support for agricultural producers. (10 points). c) Briefly explain the basic and most important difference between price floor and premium system.
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 8DQ
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