Although the Center was able to induce some farmers to introduce the new system, these farmers anticipated an increase in their cost and therefore the price of their crops. This worried them because they expected sales to fall as other farmers would still be able to supply their crops at a lower price. However, the decline in the sale of their crops was much lower than expected, in spite of higher prices. Which of the following, if true, could explain this outcome? O A. Public awareness of global warming and its consequences is low. O B. The government of this country sets price floors for all agricultural commodities at the beginning of the harvest season. O c. The soil in most parts of this country is very fertile and rich in nutrients. OD. People in this country are highly sensitive to price changes. O E. There was a drought in the country that year.

Although the Center was able to induce some farmers to introduce the new system, these farmers anticipated an increase in their cost and therefore the price of their crops. This worried them because they expected sales to fall as other farmers would still be able to supply their crops at a lower price. However, the decline in the sale of their crops was much lower than expected, in spite of higher prices. Which of the following, if true, could explain this outcome? O A. Public awareness of global warming and its consequences is low. O B. The government of this country sets price floors for all agricultural commodities at the beginning of the harvest season. O c. The soil in most parts of this country is very fertile and rich in nutrients. OD. People in this country are highly sensitive to price changes. O E. There was a drought in the country that year.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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