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December 1977

Farm Prices Supports at Cost of Productions

by Clifton B. Luttrell

Many people are concerned that the costs of production in a number of key industries, such as agriculture, will exceed the price of the product, thus destroying entire sectors of the nation’s economy. This concern has been the basis for numerous public policy actions, including tariffs and import quotas to protect domestic producers from foreign competition and Government guaranteed minimum prices to producers of farm commodities.