=+3. Japanese rice producers have extremely high production costs, due in part to the high opportunity cost

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=+3. Japanese rice producers have extremely high production costs, due in part to the high opportunity cost of land and to their inability to take advantage of economies of large-scale production. Analyze two policies intended to maintain Japanese rice production: (1)

a per-pound subsidy to farmers for each pound of rice produced, or (2) a per-pound tariff on imported rice.

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Microeconomics

ISBN: 9781292081977

8th Global Edition

Authors: Robert S. Pindyck, Daniel L. Rubinfeld

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