Studied by 2 peopleAgriculture
________ has moved from an industry of primarily rural family farms to an increasingly specialized business with a high degree of technological sophistication and high levels of productivity.
subsidy
A(n) ________ is a program of financial or other assistance given to a business or industrial sector.
Supply restrictions
________ raise the prices of agricultural goods by reducing their supply.
price support
A(n) ________ is a policy aimed at preventing the price of a given good of service from falling below a target level.
Two characteristics that contributed to government's long-standing involvement in agricultural markets
The first is the long-term decline in agricultural employment The second is the inelastic nature of the demand for agricultural products.
price floor
A price floor is minimum amount that can be legally charged for a good or service.
Note
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