The figure above shows the costs for the typical grower in the perfectly competitive turnip market. Currently, the price is $1,000 for a ton of turnips. In the long run, the market supply of turnips will ________
A) decrease and the price of a ton of turnips will fall to $600
B) increase and the turnip grower's economic profit will increase
C) increase and the turnip grower's economic profit will decrease
D) decrease and the price of a ton of turnips will rise to $1,200
D
Economics
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In oligopoly, one expects
A. frequent introduction of new or redesigned products. B. aggressive advertising campaigns. C. intense marketing research into the impact of price changes. D. All of the responses are correct.
Economics
A major critic of Americans very high consumer spending has been
A. John Maynard Keynes. B. Karl Marx. C. Milton Friedman. D. Murray Weidenbaum.
Economics