A worldwide hops (a flowers used in brewing) shortage made stouts, ales and other specialty microbrews more pricy in 2008. Gayle Goshie, a hops farmer, blames overproduction for hops' previously cheap place on the agricultural market.
The glut pushed many hop farmers out business, which gradually helped hop prices recover. Suppose farming hops is a perfectly competitive market. Why would some hop farmers go out of business? A) because the price of hops was below the minimum of average fixed cost
B) because the price of hops was lower than the minimum of average variable cost
C) because the price of hops was higher than the minimum of average variable cost
D) because the price of hops was lower than the minimum of average total cost
Question 2
When individuals make decisions about how much schooling to obtain, they
A) do not take account of the personal benefits that it creates.
B) do not take account of the external benefits that it creates.
C) overvalue the personal benefits that it creates.
D) overvalue the external benefits that it creates.
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