The Expression "The Farmer Is a Price Taker,not a Price

question 54

Multiple Choice

The expression "the farmer is a price taker,not a price maker," refers to the fact that

• A) the market demand curve for food is perfectly elastic.
• B) demand for agricultural products has declined steadily throughout the twentieth century.
• C) prices of farm goods are generally set by government.
• D) in perfect competition, no one producer can control prices.
• E) shifts in the demand and supply for farm products have little impact on farm prices.

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Definitions:

Macro systems

Broad social frameworks and structures that encompass societal norms, economic systems, and cultural contexts, affecting individuals and communities.

Within-group differences

Variabilities or diversities that exist among individuals within a single group, category, or population.

Filial piety

A virtue of respect and devotion to one's parents and ancestors in many cultures, particularly influential in Confucian societies.

Cultural experiences

Interactions, practices, and activities that give individuals insight into or an understanding of different cultures, traditions, and ways of life.