( EXPLAIN MORE DETAIL) Explain the events and the forces behind allocating seats in a college class, and investigate the Farm Problem.PRICE SUPPORTS AND THE 'FARM PROBLEM':earlier, JUST before OUR LIVES CHANGED......we discussed the concept of price "supports" also known as price "floors".The government steps in and 'enforces' a price upon a market that is TOO HIGH-----it is ABOVE the market-clearing price.For examble in the model we discussed, Demand and Supply intersect at $4, and the artificially high price of $5 'hits' the Demand curve at 100 million bushels of wheat, thequantity demanded, and it 'hits' the Supply curve at 120 million bushels of wheat, the quantity supplied.his results in a 'surplus' also known as a "glut" of 20 million bushels.

1.What, exactly, is the "Farm Problem", in your own words?What are the six forces or factors that help explain the 'Farm Problem'?Please list and discuss what happens to the Supply and Demand forces in the market for wheat or corn in a typical year, and over a typical ten year period (decade).

2.What is a "price support"?How does it work?Why are price supports a bad solution to the Farm Problem?

3.Please list and discuss three alternative solutions to the Farm Problem.Which one alternative solution is the best, in your opinion?Why?

4.Let's say that on the first day of class, 90 students want to enroll in our class, Econ 10 B, but only 70 students will be allowed in.Please list and discuss five different ways of deciding who gets in and who does not get in.Which method is best, in your opinion?Why?Which method is the worst, in your opinion?Why?