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subsidies definition
grants ro payments made to domestic producer that are paid from government taxation revenue
what do subsidies do
encourage domestic producers to produce as it lowers their costs and enable them to lower their cost of production and compete against cheaper imports
example of subsidy
in australia’s dairy industry to compete against the new zealand dairy industry
what are subsidies placed on and why
imported good not exports although other countries might give a subsidy to their local producers (our imports)
why DWL on subdidies
the gain to producer surplus (___) is less than the cost of the subsidy (__) - letters