The figure above shows the supply curve for soda. The market price is $1.00 per soda. The marginal cost of the 20,000th soda is
A) $0.00.
B) $0.50.
C) $1.00.
D) more than $1.00.
E) None of the above answers is correct.
C
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All ________ economies have been political dictatorships
A) mixed B) centrally planned C) market D) mixed and market
Your local farmer has many competitors and exists in a market structure known as perfect competition
This means that price is determined outside of the individual farmer's ability to charge a price higher than the going market for a bushel of wheat, hence the farmer is A) a price maker and can therefore charge different customers different prices. B) always able to price produce above the competition and earn a larger profit. C) never able to determine any prices he charges for anything, such as soybeans. D) a price taker and cannot affect the market price of wheat.