Author Question: The total market demand for the wheat grown by U.S. farmers is A) always equal to the total ... (Read 92 times)

ap345 · **on:** Jun 29, 2018

The total market demand for the wheat grown by U.S. farmers is

A) always equal to the total supply.
B) completely or perfectly elastic.
C) completely or perfectly inelastic.
D) less than completely or perfectly elastic.
E) unit elastic at the prevailing price.

Question 2

Which of the following would be inconsistent with the notion of a competitive market process and the notion of perfect competition?

A) Price searching behavior
B) Predatory pricing
C) Advertising
D) Licenses and other legal restrictions on entry
E) Hostile takeovers