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Suppose Farmers Agree to Reduce Their Supply of Foodstuffs

Question 55

Multiple Choice

Suppose farmers agree to reduce their supply of foodstuffs.The most likely reason they would want to do this is they believe that less supply


A) means higher prices and higher total revenue.
B) means consumers will buy more of what they have to sell.
C) translates into higher-quality foodstuffs and that the higher the quality of the foodstuffs they sell,the higher the prices for what they sell.
D) will get Congress to favor them with agriculture subsidies.
E) will get Congress to decrease their taxes.

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