A drought has destroyed orange crops in California. The drought has caused
A) scarcity because there are less oranges now than people want.
B) scarcity because people have to switch to oranges grown in Florida.
C) a shortage because people cannot obtain as many oranges as they wish to buy at the pre-freeze price.
D) a shortage because orange growers will have less income.
Answer: C
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The above figure illustrates a perfectly competitive wheat farmer
a. What will be the firm's profit-maximizing price and output? b. When the farmer produces 25,000 bushels of wheat, the difference between the firm's average total cost and the price is at its maximum. Explain why this amount of wheat either is or is not the profit-maximizing quantity.
The Constitution of the United States grants ________ the authority to regulate commerce and to impose tariffs
A) Congress B) the President C) the Supreme Court D) the U.S. Trade Representative