Refer to Figure 12-16. Which panel best represents the perfectly competitive organic produce market in which firms are breaking even, economically, organic produce is considered a normal good, and the average income level of consumers is rising?
A) Panel A B) Panel B C) Panel C D) Panel D
C
You might also like to view...
Which of the following situations describing a resource allocation method most resembles the majority rule method?
A) Seventy percent of Austin's chess club wanted to purchase new chess sets and thirty percent did not. The club purchased the sets. B) Lattes are sold at Starbucks. C) Food from the Weld County Food Bank is distributed to families in need. D) Jose works at Intel. His manager tells him what work needs to be completed each month. E) Matt's mother had the rule that whoever cuts the cake chooses their slice last.
If there is a large increase in the price of oil, which of the following would most likely occur in the short run?
a. The aggregate demand curve shifts upward, the price level rises, and output increases. b. The aggregate supply curve shifts downward, the price level falls, and output increases. c. The aggregate demand curve shifts downward, the price level falls, and output falls. d. The aggregate demand curve shifts upward, output remains unchanged, and the price level rises. e. The aggregate supply curve shifts upward, the price level rises, and output falls.
In discussing market failure, what term do economists use to describe an economy that has produced too much?
a. ultraspecialization b. high efficiency c. distribution of income d. overallocation
A worker's total earnings for one day is $100. He received a $20 fixed payment and consumes 14 hours of leisure. What is the hourly wage rate?
A. $6 B. $4 C. $8 D. $10