If an individual farmer in a perfectly competitive agricultural market raises her price above the market price, the farmer will
A. See other farmers follow the price rise.
B. Earn greater total profit.
C. Not sell any product.
D. Earn greater total revenue.
Answer: C
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Suppose the base reference period is 1982-1984. If your nominal wage rate is $8.00 per hour when the CPI is 180, what is your real wage rate in 1982-1984 dollars?
What will be an ideal response?
Which of the following countries increased its holding of U.S. government debt by the greatest percentage between 2001 and 2011?
A. The United Kingdom B. Canada C. Saudi Arabia D. China
Refer to the information provided in Table 24.4 below to answer the question(s) that follow.
Table 24.4
Refer to Table 24.4. At an output level of $2,500, the level for saving
A. is $600. B. is $1,400. C. is $1,200. D. cannot be determined from this information.
The market for used cars is shown in the above figure. Buyers cannot tell whether any given car is a lemon. Forty percent (40%) of all cars are lemons. However, sellers can switch to selling lemons at lower costs
Which of the following statements is TRUE? A) Only lemons are sold for $1,600. B) Only lemons are sold for $800. C) All the sellers of good cars will switch to selling lemons. D) 40% buyers will get lemons.