The above figure shows the U.S. market for wheat. When there no international trade, the U.S. price of wheat is ________ per ton and the U.S. equilibrium quantity is ________ tons
A) $14; 300,000
B) $14; 500,000
C) $16; 500,000
D) $16; 300,000
E) $16; 700,000
B
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Monopoly Industry is one where
a) There is only one producer. b) There are several producers. c) There are significant barriers to the entry of new firms. d) There is one producer and there are barriers to the entry of new firms.
Which of the following is the most powerful argument for putting restraints on policy makers (as opposed to self-restraint by policy makers themselves)?
A) time inconsistency B) uncertainty about Okun's coefficient C) uncertainty about the natural rate of unemployment D) uncertainty about the timing of policy impacts E) disagreements about the proper structure of an econometric model
Adam Smith (1776) is primarily associated with the theory that industrialization proceeds at the expense of the working class
Indicate whether the statement is true or false
Related to the Economics in Practice on page 318: A company selling iced tea discovers that as sugar is added to tea, customers' opinions of the taste of the tea rises for the first few grams of sugar and then drops. Even so, the company chooses not to add the amount sugar that would result in the best-tasting tea. Which of the following would explain why adding less sugar could be a wise decision?
A. Many products in the cold drink market are sold with substitutes for sugar, such as high fructose corn syrup. B. Manufacturers of tea are required to clearly indicate the amount of sugar in their products. C. The price of sugar added to tea is much less significant than the price of other ingredients, such as tea leaves. D. Teas with less sugar are more likely to appeal to health-conscious consumers.