There are one-half million grain farmers in the country producing corn. The best model to analyze this market is
A. oligopoly.
B. perfect competition.
C. monopolistic competition.
D. monopoly.
Answer: B
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If demand is unit elastic, a price reduction will
a. increase revenues b. reduce revenues c. reduce quantity demanded d. have no effect on revenues e. increase profits
Which of the following is true of marginal product?
a. The firm should produce where marginal product is greatest. b. The firm should produce where marginal product is increasing. c. When marginal product is falling, total product is falling. d. The firm should produce where marginal product is zero. e. When marginal product is increasing, total product is increasing by increasing amounts.
After reading an economics textbook about labor supply and utility maximization, Amelia Ruiz said, "I don't allocate my time like that.". Her professor replied,
a. "You caught us. Economists do not know what they are talking about.". b. "This proves that you will always choose to spend your time in nonmarket work.". c. "You act as if you allocated your time to derive the same expected net marginal utility from the last unit of time spent in each alternative use.". d. "Don't you want to use your unlimited resources to satisfy your finite wants?" e. "It is obvious that labor supply is a derived demand based on marginal revenue product.".
A theory is an untested assertion of alleged fact.
Answer the following statement true (T) or false (F)