A Midwestern wheat farmer faces a horizontal demand curve because
a. it is so large relative to the market as a whole that it has no impact on market price
b. it is so small relative to the market as a whole that it has no impact on market price
c. it produces a good for which there are no substitutes
d. it produces a good for which there are no complements
e. it produces a good that no other firm in the industry produces
Question 2
A price searcher is any firm that has no control over price and must accept the market price as given.
a. True
b. False
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Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...