Listen to the podcast in this link
Then answer these questions with more details:
We would likely consider the market for rice to be a perfectly competitive market. What happened in the global rice market that violated the assumptions of a Perfect Market to cause the outcomes that were observed?
How is this an example of governments making market outcomes worse? How could this be an example of governments improving market outcomes (think about how you may define markets differently)?
What were the costs and benefits of the decision by the first country to restrict the exporting of rice?
Why (economically!) were there other countries that subsequently restricted the export of rice? In other words, what changed in their decision making calculation to cause those countries to decide to restrict exports when they weren’t earlier? How is this an example of responding to incentives?