The total market demand for the wheat grown by U.S. farmers is
A) always equal to the total supply.
B) completely or perfectly elastic.
C) completely or perfectly inelastic.
D) less than completely or perfectly elastic.
E) unit elastic at the prevailing price.
D
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The term "network externality" refers to a barrier to entry that exists because:
A) the value of the product to a consumer depends on the number of consumers using the product. B) a group of firms has divided the market into interconnected shares controlled by each firm. C) several firms are able to network with each other and control the market. D) consumers are unable to network, i.e., cooperate, with each other to control market price.
Explain how expectations affect consumption
What will be an ideal response?
The long-run price elasticity of demand for a product is generally ________ the short-run elasticity for the same product.
A. higher than B. lower than C. equal to D. not comparable to
Refer to the data. The four-firm concentration ratio for this industry is:
A. 90 percent.
B. 95 percent.
C. 100 percent.
D. indeterminate because we don't know which four firms are included.