More farmers have recently entered the corn industry. In addition there has been a technological advancement in the fertilizer industry providing corn farmers with a cheaper and a more effective fertilizer
In the market for corn, the effects these changes will have on the equilibrium price and quantity are A) price will increase, and quantity will decrease.
B) price will increase, and the effect on quantity is indeterminate.
C) price will decrease, and quantity will increase.
D) price will decrease, and the effect on quantity is indeterminate.
C
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Unlike perfectly competitive firms, monopolists can
a. earn positive short-run economic profit even if price is less than average variable cost at all rates of output b. sell any quantity of output at any price they choose c. earn long-run economic profits d. reduce the sales of other firms in the industry through advertising e. face a perfectly elastic demand curve
A high income household usually consists of who?
a. a well-educated couple with both spouses employed b. a well-educated couple with one spouse employed c. a well-educated person with no children d. a well-educated person with one child