In an open economy, the quantity demanded of corn in the domestic market is ________. 
A. 600 million bushels
B. 150 million bushels
C. 900 million bushels
D. 300 million bushels
Answer: D
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Which of the following are balance of payments accounts?
i. capital and financial account ii. tariff account iii. current account A) i only B) ii only C) iii only D) i and iii E) ii and iii
If the supply of a factor is perfectly inelastic, then
A) no more than the existing quantity can be supplied. B) the supply curve is horizontal. C) sellers will provide whatever quantity is demanded at the going price. D) a fall in price results in no quantity being supplied.
If the firm were a perfect competitor in the long run, what price would it charge?
The short run is a period of time:
A. in which a firm uses at least one fixed input. B. that is long enough to permit changes in the firm's plant size. C. in which production occurs within one year. D. in which production occurs within six months.