Suppose farmers agree to reduce their supply of foodstuffs.The most likely reason they would want to do this is they believe that less supply
A) means higher prices and higher total revenue.
B) means consumers will buy more of what they have to sell.
C) translates into higher-quality foodstuffs and that the higher the quality of the foodstuffs they sell,the higher the prices for what they sell.
D) will get Congress to favor them with agriculture subsidies.
E) will get Congress to decrease their taxes.
Correct Answer:
Verified
Q97: Exhibit 39-4 Q98: Exhibit 39-4 Q99: If the government attempts to aid farmers Q100: A potato farmer who signs a futures Q101: An agricultural price support Q103: Suppose the demand curve for corn is Q104: If the demand for foodstuffs is inelastic,which Q105: Farmers can insure themselves against adverse price Q106: The price of a foodstuff falls and Q107: Demand for a food item increases by![]()
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A)will create a surplus
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