Suppose that, due to low profits, many individuals decide to leave the farming business. The effect of the exodus will be
A. to increase the demand for agricultural products.
B. to increase the prices of agricultural products.
C. to decrease the demand for agricultural products.
D. to decrease the prices of agricultural products.
B. to increase the prices of agricultural products.
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Which of the following is not necessarily true for a profit-maximizing single-price monopolist?
A) P > ATC B) P > MC C) P > MR D) MR = MC
Brinley Thomas (1954) argues that immigrants were attracted to the United States between 1815 and 1914 for all of the following reasons except
(a) Harvest failures in the home countries of the immigrants (b) Organized labor opportunities, health benefits, safe working conditions and healthy work environments in the U.S. (c) European population increases, contributing to problems associated with more mouths to feed in a stagnant European economy (d) Increasing job opportunities in an expanding U.S. economy
If regulations create barriers to entry in an industry, the result can be _____
a. efficiency b. monopoly c. monopsony d. higher output
The difference between the market price of an acre of land and its supply price (including transportation) is
a. land rent b. zero, by definition c. negative d. the price of land e. infinite when the supply of land is fixed