Pa Price P N Op Qn Qb Quantity Refer to the diagram. If farmers produce a bumper crop of Qb, their gross income will be OPpPNQn.. will be OPnNQn. will be OPbBQb. Demand cannot be determined.

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Price Ceilings and Price Floors

Price Ceilings and Price Floors strategy is used by the Government to control the prices of certain goods and services in the market. This method helps the Government to protect the interests of both buyers and suppliers in difficult economic times.