Suppose the government has imposed a price floor on the market for soybeans. Which of the following events could transform the price floor from one that is not binding into one that is binding? Select one: O a. Consumers' income increases, and soybeans are a normal good. O b. Farmers use improved, draught-resistant seeds, which lowers the cost of growing soybeans. O c. The number of consumers buying soybeans increases. O d. The number of farmers selling soybeans decreases.
Suppose the government has imposed a price floor on the market for soybeans. Which of the following events could transform the price floor from one that is not binding into one that is binding? Select one: O a. Consumers' income increases, and soybeans are a normal good. O b. Farmers use improved, draught-resistant seeds, which lowers the cost of growing soybeans. O c. The number of consumers buying soybeans increases. O d. The number of farmers selling soybeans decreases.
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 11PA
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Transcribed Image Text:Suppose the government has imposed a price floor on the market for soybeans. Which of the following events
could transform the price floor from one that is not binding into one that is binding?
Select one:
a. Consumers' income increases, and soybeans are a normal good.
O b. Farmers use improved, draught-resistant seeds, which lowers the cost of growing soybeans.
C.
The number of consumers buying soybeans increases.
Od. The number of farmers selling soybeans decreases.
Transcribed Image Text:Which of the following statements is NOT correct?
Select one:
O a.
Economic analysis can be used to explain how both individuals and societies make decisions.
O b. If poverty was eliminated there would be no reason to study economics.
O c. Economics is a behavioral science.
O d. In large measure, economics is the study of how people make choices.
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