The EU is more than self-sufficient in a number of commodities. Does this mean that the objectives of the CAP have been achieved? What has been the cost of achieving this success? What do you think would have happened in the absence of the CAP?
Answer to relevant QuestionsDo rising world food prices make the CAP unnecessary?Distinguish between a normal good, an inferior good and a Giffen good. Use indifference curves to illustrate your answer.If supernormal profits are competed away under perfect competition, why will firms have an incentive to become more efficient?What is meant by the prisoners’ dilemma game when applied to the behaviour of oligopolists? What will determine the outcome of the game?Is mark-up pricing likely to benefit consumers?
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