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5. In US. agricultural policy, output is reduced by incentives rather than by outright quotas. Acreage limitation programs give farmers nancial incentives to leave some
5. In US. agricultural policy, output is reduced by incentives rather than by outright quotas. Acreage limitation programs give farmers nancial incentives to leave some of their acreage idle. Price ($ibushel) Suppose that such a program is depicted in the graph to the right and the program successfully raises the price to P3- How much will the government have to pay farmers to reduce output to Q1? Using either the triangle or rectangle drawing tool, show the amount of these payments on the graph to the right. Carefully follow the instructions above, and only draw the required object. o1 on 02 Quantity of Wheat (millions of bl 6. A tariff can be described as . The purpose of a tariff is to protect
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