7. (10 points) Suppose that technological change improves productivity in wheat production every year. And government al

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7. (10 points) Suppose that technological change improves productivity in wheat production every year. And government al

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7 10 Points Suppose That Technological Change Improves Productivity In Wheat Production Every Year And Government Al 1
7 10 Points Suppose That Technological Change Improves Productivity In Wheat Production Every Year And Government Al 1 (81.97 KiB) Viewed 19 times
7. (10 points) Suppose that technological change improves productivity in wheat production every year. And government always keeps a fixed supporting price policy for wheat farmers. How would government spending on wheat purchase change over time? Would it increase or decrease or remain unchanged? And why? Draw a demand and supply graph to illustrate your answer and explain in words.
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