If an agricultural market is perfectly competitive, then
A. Each firm's demand curve is perfectly inelastic.
B. A farmer practices price discrimination.
C. The market demand curve is perfectly elastic.
D. A farmer is a price taker.
Answer: D
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In the United States it is clear that if a dollar were diverted from present consumption to present investment, the return on that investment would be ________ to reward the deferral of consumption, meaning that overall economic welfare would rise
with ________ in national saving. A) insufficient, an increase B) insufficient, a decrease C) more than sufficient, an increase D) more than sufficient, a decrease
What is one reason a gift card might be less desirable than cash?
A) A gift card requires an individual to purchase from a particular store, which restricts the choice set. B) Cash requires an individual to purchase from a particular country, which restricts the choice set. C) Cash and the gift card are equally desirable, there is no problem here. D) Gift cards are easier to steal or lose relative to cash.
At the point where total product is ________, marginal product is zero, but average product is still positive.
A. zero B. negative C. maximized D. minimized
A country should always specialize in the production of any product for which it holds an absolute advantage
Indicate whether the statement is true or false