Use a figure to illustrate why technological progress (which causes the supply curve to shift rightward) hurts
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Use a figure to illustrate why technological progress (which causes the supply curve to shift rightward) hurts the government and consumers in an agricultural market in which the government maintains a traditional price support as in Figure 9.8. Compare that result with the effects of technological progress if the government uses the alternative price support in Solved Problem 9.6.
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With a traditional price support increases in supply increase the size ...View the full answer
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