Which of the following is least likely to be considered a firm in an imperfectly competitive industry?

A. Ohio Bell Telephone Company
B. the only locally owned and operated bank in Severn, MD
C. a wheat farmer in Kansas
D. a Burger King in Pittsburgh, PA

Answer: C

Economics

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Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at $0.20 per pound when 500 pounds are grown. The demand for potatoes is Q = 10,000/p. If the long-run supply curve is horizontal, then how many firms will this industry sustain in the long run?

A) 0 B) 100 C) 50,000 D) There is not enough information to answer.

Economics

Suppose people buy more of good 1 when the price of good 2 falls. These goods are

A) complements. B) substitutes. C) normal. D) inferior.

Economics