Farms with sales of more than $250,000 account for __________ percent of U.S. agricultural sales.
Fill in the blank(s) with the appropriate word(s).
75
You might also like to view...
A firm will maximize profit at the level of output where:
A) its marginal revenue equals total cost. B) its marginal revenue equals marginal cost. C) its total cost equals total revenue. D) its average revenue equals average cost.
Which of the following events would most likely be considered a macroeconomic shock?
A) A drought destroys 25% of the strawberry crop in California. B) Mismanagement results in a federal takeover of the largest credit union in the United States. C) OPEC unexpectedly announces a 40% reduction in oil production. D) The Federal Reserve decides to increase the discount rate by 0.25% for the third time in 12 months.
One result of a tax, regardless of whether the tax is placed on the buyers or the sellers, is that the
a. equilibrium quantity of the good is unchanged. b. price the buyer effectively pays is lower. c. supply curve for the good shifts upward by the amount of the tax. d. tax reduces the welfare of both buyers and sellers.
Suppose Island Bikes, a profit-maximizing firm, is the only bike rental company in a small resort town. The marginal cost to Island Bikes of renting out a bike is $3, and Island Bikes has no fixed costs. Each day Island Bikes has six potential customers, whose reservations prices are listed in the table. CustomerReservation Price($/Rental)A22B16C12D8E6F4Suppose Island Bikes knows that customers whose reservation prices are at least $10 always rent bikes before noon, while those whose reservation prices are below $10 never do so. If Island bikes can charge a different price in the morning and in the afternoon, then in the afternoon, it will rent out ________ bike(s) and charge ________ per bike.
A. 3; $4 B. 5; $10 C. 1; $8 D. 2; $6