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 46 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!

ASDFGJLO

  • Member
  • Posts: 335
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

It is important to read food labels and choose foods with low cholesterol and saturated trans fat. You should limit saturated fat to no higher than 6% of daily calories.

Did you know?

It is believed that humans initially contracted crabs from gorillas about 3 million years ago from either sleeping in gorilla nests or eating the apes.

Did you know?

Prostaglandins were first isolated from human semen in Sweden in the 1930s. They were so named because the researcher thought that they came from the prostate gland. In fact, prostaglandins exist and are synthesized in almost every cell of the body.

Did you know?

People about to have surgery must tell their health care providers about all supplements they take.

Did you know?

Signs and symptoms of a drug overdose include losing consciousness, fever or sweating, breathing problems, abnormal pulse, and changes in skin color.

Apparent and True Orbits of Alpha Centauri. Apparent and True Orbits of Alpha Centauri.
Cow Wheat Cow Wheat
Wheat field versus lavender field Wheat field versus lavender field
A recruiting poster for the “True Sons of Freedom” encouraged African Americans to enlist. In fact, A recruiting poster for the “True Sons of Freedom” encouraged African Americans to enlist. In fact,
Major U.S. Centers of Cattle, Corn, Wheat, and Soybean Production Major U.S. Centers of Cattle, Corn, Wheat, and Soybean Production
"The Department of Agriculture came out today with its prediction for food price "The Department of Agriculture came out today with its prediction for food price
Video: Dorsal Recumbent Position

For a complete list of videos, visit our video library