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Running Head: ECONOMICS THEORY
1
Application of Economic Theory
Student name
Professor name
Course
ECONOMICS THEORY
2
1.
Perfect Competition Market in Agriculture and effects Farm Subsidies
I will start my discussion with the situation where Senate Factory Farm Committee
Chairperson said that they would save tax remuneration money. She claimed that they would
swap $3 billion in new payments of the telephone for the elimination of $4 billion direct
subsidies. However, the crop indemnity scheme is likely to cost twice as much as it was
estimated. Research indicates that South Korean won`t be long before the program resembles the
direct payment aspect it was supposed to replace. The element is due to the fact that the
implementation of these subsidies will flush in at a relatively low category of loses. Since the
price will come down with from their current record spirit level, the farmers will end up winding
the aspect of receiving payments after each year. It is worth noting that crop insurance, as well as
direct payments, are not only the farm programs to be terminated. Leontief Price support
programs like securities Indus as they are a severe barren to the taxpayer money. In such a
situation, the subsidies of the conservation reduce the pay to the farmers and not their land. In a
nutshell, exportation of grants aids farmers economically in foreign trade, counter-cycling
payments that compensate the dropped market p...