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.
Wheat rust.
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