Use the following diagram to answer the following questions.

-Refer to Diagram 4-4. Suppose there is a price support of P₃. The quantity of output supplied by farmers will be:

Question

Use the following diagram to answer the following questions.
 
-Refer to Diagram 4-4. Suppose there is a price support of P₃. The quantity of output supplied by farmers will be:

Quizplus · Accepted Answer

A price support set at P₃ would result in farmers producing the quantity where the supply curve intersects the price line at P₃, which is represented by the alphanumeric code in option C, indicating a specific quantity on the diagram.

Use the Following Diagram to Answer the Following Questions