Suppose that a large dairy farmer is able to raise the market price of milk by withholding milk supply from the market. In this instance,
a. the milk market is perfectly competitive
b. buyers will decrease their demand for milk
c. buyers will increase their demand for milk
d. the milk market is imperfectly competitive
e. the milk market will collapse in the long run
D
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The greatest number of recent immigrants to the U.S. come from Mexico because of:
a. political insecurity in Mexico. b. religious insecurity in Mexico. c. proximity and wage differentials. d. racial discrimination in Mexico. e. greater social security in the United States.
Which of the following phrases indicates that income is being spoken of?
a. Tuesday, at 12:30 p.m. b. July 14, 1948 c. from January 1 to March 30 d. yesterday afternoon
The added revenue that a firm takes in when it increases output by one additional unit is _______ revenue.
A) total B) marginal C) variable D) fixed
A production possibilities curve shows the:
A. dollar costs of producing two different goods. B. amounts of labor and capital needed to produce one good. C. various combinations of goods that can be produced. D. prices of different goods that are produced in an economy.