The relative price inelasticity of demand for agricultural products has resulted in:
A. Prices fluctuating more in agriculture than in other industries
B. Prices fluctuating less in agriculture than in other industries
C. Higher prices for agricultural products
D. Lower prices for agricultural products
A. Prices fluctuating more in agriculture than in other industries
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If a firm is producing an output level at which marginal revenue exceeds marginal cost, the firm will increase profits by reducing its output level
a. True b. False Indicate whether the statement is true or false
Imposing a quota on metal softball bats shipped into the United States would likely:
a. increase the price of the bats but decrease the quantity of domestically made bats purchased in the United States. b. increase the price of the bats and the quantity of domestically made bats purchased in the United States c. leave the price of the bats unchanged but decrease the quantity purchased in the United States. d. leave both the price of bats and the quantity purchased in the United States unchanged.