Respond to the questions with proper application of economic theory in a minimum of three substantive paragraphs per question, and your answers to all the questions in total should include a minimum of 1,500 words. To check your word count, select the text for each answer you provide. Microsoft Word will give a word count for the selected text.

Be sure to write your answers in your own words and to cite all sources used fully. Either APA or MLA style for the reference list with in-text citations is fine. Be sure to include all sources used to support your answers including the textbook, the sources listed previously, as well as any other credible sources you choose to use to support your answers. The CCBC Library has a citation guide for students at the following link: http://libraryguides.ccbcmd.edu/Citations

Strive to write in a clear, logical and organized style using standards of proper written English. Use a word processing program to prepare your paper. Be sure to correct errors in spelling, grammar, and punctuation.

Be sure to proofread your paper carefully. It is helpful to print out a draft(s) and read it later, preferably the next day. Errors that were not apparent initially will be more obvious using this technique. Some people find it is helpful to read their paper aloud. They are able to identify errors by hearing them as well as seeing them.

Before submitting your assignment for grading, be sure to compare your paper against the grading rubric included with the assignment and make any needed adjustments accordingly.

Questions

  1. The most common example of a market with perfect competition is agriculture. How could farm subsidies distort a model of perfect competition? Explain.
  2. American corn farmers receive billions of dollars in taxpayer subsidies each year. These subsidies allow them to sell their grain at prices below what it costs to produce it, particularly for export markets. How do U.S. corn subsidies hurt Mexican farmers? What could be done to address this problem, and why would the solution be effective?
  3. Summarize the arguments both in favor of and against eliminating farm subsidies. After your evaluation, where do you stand on this issue and why?

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