Which of the following characterizes a typical agricultural market?
A. Low barriers to entry.
B. A downward-sloping demand curve for the firm.
C. A horizontal demand curve for the industry.
D. Market power on the part of each farmer.
Answer: A
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Projections of the deficit, surplus, and debt picture are
A. highly sensitive to changes in the economy. B. usually accurate, as many as thirty years out. C. rarely accurate, even year to year, and are highly sensitive to changes in the economy. D. rarely accurate, even year to year.
The ________ at which a firm's long run average cost curve is at its minimum is called the minimum efficient scale.
A. average plant size B. largest industry size C. largest plant size D. smallest plant size
Prior to the financial crisis and recession which began in 2007, credit for mortgages was ________, creating a ________
A) unavailable to low-income borrowers; large demand for rental properties B) virtually unavailable; housing bubble C) only available to borrowers with high credit scores; shortage of affordable housing D) easily obtained; housing boom
Draw two graphs: one showing the relationship of average product, marginal product, and total product; the other showing the relationship of AFC, AVC, and ATC. Then relate the shape of the marginal product to that of the marginal cost.
What will be an ideal response?