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Recall the Application about the decline in honeybee colonies and its effect on the price of ice cream to answer the following question(s) . In the last few years thousands of honeybee colonies have vanished, a result of bee colony collapse disorder (CCD) . Roughly one third of the U.S. food supply--including a wide variety of fruits, vegetables, and nuts--depends on pollination from bees. The decline of honeybees threatens $15 billion worth of crops in the United States.
-This Application exemplifies how a change in ________ in one market impacts the ________ in a different market.
Wholesale Rates
Prices charged for goods in large quantities, typically lower than retail prices and offered to retailers or other businesses rather than individual consumers.
Price Taker
A market participant that accepts the prevailing market prices as they do not have enough market power to influence prices.
Close Substitutes
Products or services that can easily replace each other in the eyes of the consumer due to their similar features or functions.
Total Revenue
The total income received by a firm from its sales of goods or services, calculated by multiplying the price per unit by the number of units sold.
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