A Perfectly Competitive Wheat Farmer in a Constant-Cost Industry Produces

question 61

Multiple Choice

A perfectly competitive wheat farmer in a constant-cost industry produces 3,000 bushels of wheat at a total cost of $36,000.The prevailing market price is $15.What will happen to the market price of wheat in the long run?

• A)The price remains constant at $15.
• B)The price falls to $12.
• C)The price rises above $15.
• D)There is insufficient information to answer the question.

Comprehend the dynamics and psychological motivations behind group affiliations and social support mechanisms.

Identify different patterns of group behavior and attributes that affect group formation and cohesion.

Learn about the effects of upward and downward social comparisons on emotions and motivation.

Understand the concepts of misery and affiliation, including Schachter's findings on social behavior under stress or fear.

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