THE IMPACT OF A NEW GRADING SYSTEM ON THE BEEF CATTLE INDUSTRY: THE CASE OF CANADA
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Changes in the grading systems of agricultural commodities will lead to considerable adjustment costs. In 1972 Canada introduced a change in its grading system for beef. The period of adjustment for beef producers has been in excess of ten years. The observed pattern of adjustment for one of Canada's cattle-producing areas is discussed and the costs associated with the adjustment process estimated. Some measures to reduce the costs of adjustment are outlined.