The wheat growing industry consists of very many farmers producing identical products. The market structure that best fits the wheat growing industry is probably
A) perfect competition.
B) monopolistic competition.
C) monopoly.
D) oligopoly.
A
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Real world economic data supports the view that higher interest rates are associated with ________
A) higher saving and consumption B) lower saving and higher consumption C) higher saving and lower consumption D) lower saving and consumption
Imagine you own a machine that produces perfectly authentic and legal $100 bills. You would use this machine until
a. the bills became worthless b. the total cost began to fall c. the marginal cost was $100 d. the variable cost began to rise e. the marginal revenue began to fall
If you go to the bank and notice that a dollar buys more Mexican pesos than it used to, then the dollar has
a. appreciated. Other things the same, the appreciation would make you less likely to travel to Mexico. b. appreciated. Other things the same, the appreciation would make you more likely to travel to Mexico. c. depreciated. Other things the same, the depreciation would make you less likely to travel to Mexico. d. depreciated. Other things the same, the depreciation would make you more likely to travel to Mexico.
Suppose that the demand curve for apples is downward sloping and the price per pound decreases from $1.25 to $1.00. We would then expect
A. the demand for apples to decrease. B. the demand curve to shift toward the origin. C. the quantity of apples demanded to fall. D. the quantity of apples demanded to increase.