9. Use supply and demand curves to depict equilibrium price and output in a competitive market for some farm product.

Then show how an above-equilibrium price floor

(price support) would cause a surplus in this market.

Demonstrate in your graph how government could reduce the surplus through a policy that ( a ) changes supply or ( b ) changes demand. Identify each of the following actual government policies as primarily affecting the supply of or the demand for a particular farm product: acreage allotments, the food-stamp program, the Food for Peace program, a government buyout of dairy herds, and export promotion. LO3