A Local Farmer Says That He Can Sell 50 Dozen

question 49

Multiple Choice

A local farmer says that he can sell 50 dozen ears of corn per day at his roadside stand."But if I raise my price," he claims,"the demand falls." The farmer is

• A) using the term demand correctly and is right in his conclusion.
• B) confusing demand and supply.
• C) incorrect because changes in prices affect quantity demanded, not demand.
• D) correct only if factors such as the prices of competitive items, the number of buyers, and the tastes of buyers remain constant.
• E) incorrect because he does not hold input prices and technology constant in his analysis.

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Definitions:

Leadership

The ability to inspire and guide individuals or groups towards achieving a common goal or vision.

Fellowship

A form of financial support or scholarship awarded to support an individual’s education, research, or specialized training.

Leadership

The ability of an individual to guide, influence, or direct others towards the achievement of goals.

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Fundamental beliefs or ideals that guide behaviors and decision-making.