Which of the following is an example of a long-run adjustment?
A) Wal-Mart builds another Supercenter.
B) A soybean farmer turns on the irrigation system after a month long dry spell.
C) Your university offers Saturday morning classes next fall.
D) Ford Motor Company lays off 2,000 assembly line workers.
A
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What does willingness to pay measure?
a) the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it b) the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept c) the maximum amount a buyer is willing to pay minus the minimum amount a seller is willing to accept d) the maximum amount that a buyer will pay for a good
A perfectly competitive firm: a. cannot choose its own price. b. can increase the price of a good in order to increase its revenue
c. can decrease the price of a good in order to increase its share in the market. d. cannot choose to produce the quantity it wants.