Price floor set by government above the equilibrium price
Price floor set by government above the equilibrium price
Microeconomics
Bumper crops (i.e., abundant crops) for wheat and corn have historically reduced the number of wheat and corn farmers. A price floor set by government above the equilibrium price for those crops would:
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1. Help keep prices lower than equilibrium for farmers due to excess supply.
2. Help keep prices higher than equilibrium for farmers due to excess demand.
3. Help keep prices lower than equilibrium for farmers due to excess demand.
4. Helps keep prices higher than equilibrium for farmers due to excess supply.