The Price of a Good with a Vertical Market Supply

question 64

Multiple Choice

The price of a good with a vertical market supply is called

• A)pure profit.
• B)economic rent.
• C)pure price.
• D)fixed-supply price.
• E)gouged price.

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Definitions:

Technological Progress

The overall process of invention, innovation, and diffusion of technology or processes.

Farm Incomes

The earnings from agricultural activities, considering the revenue from crop and livestock sales minus production costs.

U.S. Agricultural Industry

The sector of the United States economy that includes production, processing, and marketing of crops and livestock.

Supply And Demand

The economic model that describes how the price and quantity of goods and services are determined in a market based on the relationship between the amount available and the want for it.