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How subsidy paid to soybean farmers affects consumer surplus

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Reference no: EM131611953

Question: Crop Prices Erode Farm Subsidy Program High corn and soybean prices mean farmers are making the most money in their lives. The reason: Grain prices are far too high to trigger payouts under the U.S. primary farm-subsidy program's "price support" formula. The market has done what Congress couldn't do and that is "slash farm subsidies."

Show in a graph how a subsidy paid to soybean farmers affects the consumer surplus and the producer surplus from soybeans. Does the subsidy make the soybean market more efficient or less efficient? Explain.

Reference no: EM131611953

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