May/June 2026 Paper 11

2026 · 30 questions · 30 parts · 29 marks

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9Price ControlsMedium1 mark
The government fixes a minimum price of $4 per kg in the market for rice. It agrees to buy up any surplus rice at this price.
supply and demand diagram for rice, price ($ per kg) on the vertical axis and quantity (000 kgs) on the horizontal axis, with demand curve D and supply curve S crossing at a price of $3 and a quantity of 100; a dashed line at the minimum price of $4 meets D at a quantity of 90 and S at a quantity of 110
What will be the total spending by the government on rice?