This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Farmer Brady sells wheat in a market where sellers are price takers. Which of the following is true ... (Read 81 times)

anjilletteb

  • Hero Member
  • *****
  • Posts: 569
on: Jun 30, 2018
Farmer Brady sells wheat in a market where sellers are price takers. Which of the following is true in regard to Farmer Brady's production and pricing decisions?
 a. Farmer Brady will be able to increase the total revenue from the sale of his wheat if he increases the price of the wheat.
  b. Since the market dictates the price of his product, Farmer Brady will have no incentive to minimize per-unit production costs.
  c. Since the market dictates the price of his product, Farmer Brady has no production decisions to make.
 d. It would be senseless for Farmer Brady to try to increase sales by lowering the price of his product. His entire output can be sold at the market price.

Question 2

In a market system, incomes are distributed according to the:
 a. principle of equality.
  b. directions of a central authority.
  c. needs of the people.
  d. ownership of resources.
  e. objectives of a planning commission.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Andromeda18

  • Sr. Member
  • ****
  • Posts: 336
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

d


anjilletteb

  • Member
  • Posts: 569
Reply 2 on: Jun 30, 2018
Gracias!

lindahyatt42

  • Member
  • Posts: 322
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Malaria was not eliminated in the United States until 1951. The term eliminated means that no new cases arise in a country for 3 years.

Did you know?

Famous people who died from poisoning or drug overdose include, Adolf Hitler, Socrates, Juan Ponce de Leon, Marilyn Monroe, Judy Garland, and John Belushi.

Did you know?

In inpatient settings, adverse drug events account for an estimated one in three of all hospital adverse events. They affect approximately 2 million hospital stays every year, and prolong hospital stays by between one and five days.

Did you know?

Methicillin-resistant Staphylococcus aureus or MRSA was discovered in 1961 in the United Kingdom. It if often referred to as a superbug. MRSA infections cause more deaths in the United States every year than AIDS.

Methicilli ...
Did you know?

Many medications that are used to treat infertility are injected subcutaneously. This is easy to do using the anterior abdomen as the site of injection but avoiding the area directly around the belly button.

Cow Wheat Cow Wheat
How to create a price index to calculate inflation for a basket of goods How to create a price index to calculate inflation for a basket of goods
Reconstruction Drawing of Trajan's Market Reconstruction Drawing of Trajan's Market
Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ... Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...
Wheat: A Monocot Wheat: A Monocot
A three-gene additive model for wheat kernel color A three-gene additive model for wheat kernel color
Video: Ultrasound of a Fetus (Sonogram)

For a complete list of videos, visit our video library