The large-number-of-sellers condition of perfect competition is met whenÂ
A. there are more sellers than buyers in the market.
B. there are more than 50 firms in the industry.
C. there are more than 100 firms in the industry.
D. each firm is so small relative to the total market that no single firm can influence the market price.
Answer: D
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Frank owns an apple farm and plans to spend 4 hours today picking apples. The number of apples he can pick per hour depends on the total number of hours he spends working in either the east orchard or the west orchard in the manner shown in the table below.Hours inEastOrchardNumber ofApples PerHourHours inWestOrchardNumber ofApples PerHour140110232210325310420410If Frank spends 2 hours picking apples in the east orchard and 2 hours picking apples in the west orchard, how many apples in total will Frank be able to pick today?
A. 21 B. 92 C. 42 D. 84
Which of the following statements is false?
A) Imports and exports account for over one-half of the GDP of the Netherlands. B) China is the leading exporting country, accounting for 10.3 percent of total world exports. C) Because the cost of labor used on farms is so high, the United States exports very little of its wheat, rice, and corn crops. D) Japan is less dependent on foreign trade than is the United States.
The Jeans Store sells 7 pairs of jeans per day when it charges $100 per pair. It sells 8 pairs of jeans per day at a price of $90 per pair. The marginal revenue of the eighth pair of jeans is
A) $20. B) $90. C) $100. D) $700.
An increase in the price of fuel and fertilizer used for corn would cause farmers to increase corn production in an effort to make up for lost profits
Indicate whether the statement is true or false