Suppose the government has imposed a price floor on the market for soybeans. Which of the following events could transform the price floor from one that is not binding into one that is binding? Select one: O a. Consumers' income increases, and soybeans are a normal good. O b. Farmers use improved, draught-resistant seeds, which lowers the cost of growing soybeans. O c. The number of consumers buying soybeans increases. O d. The number of farmers selling soybeans decreases.
Suppose the government has imposed a price floor on the market for soybeans. Which of the following events could transform the price floor from one that is not binding into one that is binding? Select one: O a. Consumers' income increases, and soybeans are a normal good. O b. Farmers use improved, draught-resistant seeds, which lowers the cost of growing soybeans. O c. The number of consumers buying soybeans increases. O d. The number of farmers selling soybeans decreases.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Suppose the government has imposed a price floor on the market for soybeans. Which of the following events
could transform the price floor from one that is not binding into one that is binding?
Select one:
a. Consumers' income increases, and soybeans are a normal good.
O b. Farmers use improved, draught-resistant seeds, which lowers the cost of growing soybeans.
C.
The number of consumers buying soybeans increases.
Od. The number of farmers selling soybeans decreases.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcf35951d-b484-46bb-ac46-25fb67c2f562%2F761b7195-fa4d-454b-8ae3-dc7abb4393dd%2Feohx6nk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose the government has imposed a price floor on the market for soybeans. Which of the following events
could transform the price floor from one that is not binding into one that is binding?
Select one:
a. Consumers' income increases, and soybeans are a normal good.
O b. Farmers use improved, draught-resistant seeds, which lowers the cost of growing soybeans.
C.
The number of consumers buying soybeans increases.
Od. The number of farmers selling soybeans decreases.
![Which of the following statements is NOT correct?
Select one:
O a.
Economic analysis can be used to explain how both individuals and societies make decisions.
O b. If poverty was eliminated there would be no reason to study economics.
O c. Economics is a behavioral science.
O d. In large measure, economics is the study of how people make choices.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcf35951d-b484-46bb-ac46-25fb67c2f562%2F761b7195-fa4d-454b-8ae3-dc7abb4393dd%2Fqshb2lc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Which of the following statements is NOT correct?
Select one:
O a.
Economic analysis can be used to explain how both individuals and societies make decisions.
O b. If poverty was eliminated there would be no reason to study economics.
O c. Economics is a behavioral science.
O d. In large measure, economics is the study of how people make choices.
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