If there are 1,000 identical rice farmers who are each willing to supply 200 bushels of rice at $2 per bushel, what price and quantity combination is a point on the market supply curve for rice?
A) $2 and 200 bushels
B) $2 and 200,000 bushels
C) $2,000 and 200,000 bushels
D) $2,000 and 1,000 bushels
E) $2 and 1,000 farmers
B
You might also like to view...
Which of the following is not a user charge?
a. An entry fee to a national park. b. A toll for a toll road. c. A bus fare for a municipal bus service. d. A flat monthly fee for municipal water service.
If the annual interest rate is 4 percent, a consumer who spends $100 today
a. will have to pay back $104 to the bank b. would have to pay $104 next year to get the same goods c. will receive $96 from the bank next year d. would have to pay $96 next year to get the same goods e. is giving up the ability to spend $104 on goods next year
In 1991, the French mineral water Perrier was temporarily taken off the market in the United States because of suspected impurities. Other things equal, this action brought about:
a. an increase in the demand for Perrier. b. a decrease in the price of Perrier in terms of French francs. c. a depreciation of the French franc relative to the U.S. dollar. d. an appreciation of the French franc relative to the U.S. dollar. e. an increase in the supply of dollars in the foreign exchange market.
The most important determinant of a household's consumption spending is
a. its disposable income
b. the in-kind transfers received by the household.
c. the level of education of the members of the household.
d. the interest rate.
e. the ratio of wage to non-wage income of the household.