The market price of rice in Thailand is 100 baht. The Thai government offers to buy rice

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The market price of rice in Thailand is 100 baht. The Thai government offers to buy rice for 140 baht.
a. How is this likely to affect other buyers in the domestic market for rice?
b. Present a supply and demand diagram to show how much rice the Thai government will have to buy under this program.
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Microeconomics

ISBN: 978-1292079578

Global Edition 1st Edition

Authors: David Laibson, John List

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