Marietta buys a certain type of soap among many choices because she trusts the brand. The soap manufacturer is most likely ______.
a. part of monopolistic competition
b. a monopoly
c. part of perfect competition
d. an oligopoly
a. part of monopolistic competition
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Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. All else equal, an increase in the price of corn creates an incentive for farmers to:
A. switch away from growing soy beans and into growing corn. B. switch away from growing corn and into growing soy beans. C. grow less corn, but not change their production of soy beans. D. grow more corn, but not change their production of soy beans.
When shopping the consumer is interested in absolute prices
Indicate whether the statement is true or false
Suppose that corn prices rise significantly. If farmers expect the price of corn to continue rising relative to other crops, then we would expect:
A. the supply of ethanol, a corn-based product, to increase. B. consumer demand for wheat to fall. C. the supply to increase as farmers plant more corn. D. the supply to fall as farmers plant more of other crops.
An individual's ________ surplus is the area ________ the ________ curve and ________ the ________ up to the quantity ________
A) consumer; above; supply; below; market price, produced. B) producer; above; supply; below; market price, produced. C) consumer; below; demand; above; choke price, purchased. D) producer; below; supply; choke price, below; the producer sells.