Suppose farmers get together and decide to be less productive. They want to do this so that they can shift the supply curve of farm products leftward and raise the price. They must be assuming that the demand curve between the current price and the higher price is
A) inelastic.
B) elastic.
C) unit elastic.
D) There is not enough information to answer this question.
A
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Which of the following constitutes a mixed strategy Nash equilibrium of the Odds and Evens game?
A) Play Even and Odd with 50% probability each. B) Play Even with 75% probability and Odd with 25% probability. C) Always play Even. D) This game has no mixed strategy Nash equilibrium.
If a country is experiencing chronic deficits on current account, what must ultimately happen to its exchange rate?
a. it must appreciate b. it must depreciate c. the market will shift it from floating to fixed d. the market will shift it from fixed to floating e. it will become equalized, that is, the same rate as in other countries
Which of the following is correct?
a. Workers determine the supply of labor, and firms determine the demand for labor. b. Workers determine the demand for labor, and firms determine the supply of labor. c. The labor market is a single market for all different types of workers. d. The price of the product produced by labor adjusts to balance the supply of labor and the demand for labor.
The difference between current market price and full costs of production for the firm is known as
A. producer surplus. B. consumer surplus. C. nonprice surplus. D. market surplus.