Last Year the Price of Corn Was $3 a Bushel

question 176

Multiple Choice

Last year the price of corn was $3 a bushel and the quantity of corn demanded was 10 million bushels. This year the price of corn was $4.00 a bushel and the quantity demanded was 9 million bushels. Is this evidence that the law of demand does not apply to corn?

• A) Yes, because there is a direct relationship between the price of corn and the quantity supplied.
• B) Yes, because there is an inverse relationship between the price of corn and the quantity demanded.
• C) No, because the other-things-equal assumption was violated over the two-year period.
• D) No, because the evidence indicates that there is a shortage of corn.

Understand the syntax and use of the cast operator.

Acquire knowledge on the functionality and syntax of C functions and their arguments.

Understand the concept of agency authority and the distinctions between actual, apparent, and ratified authority.

Identify circumstances under which an agent is personally liable for contracts and torts.

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Definitions:

Employee Wages

Employee wages refer to the fixed regular compensation paid by employers to employees for their labor or services, typically expressed as an hourly, daily, or monthly rate.

Environmental Uncertainty

A condition where there is a lack of information about the environmental factors that can affect an organization's operations.

State Uncertainty

The condition in which there is lack of certainty or predictability concerning the future or the current state of something, often affecting decision-making processes.

Subjective Uncertainty

The perception of doubt or inability to predict outcomes due to lacking information or inherent unpredictability in situations.