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.

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Definitions:

Accountability

The obligation to explain, justify, and take responsibility for one’s actions in a professional or personal context, often within the structure of an organization or public service.

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The credentials, education, skills, and experience that make an individual suitable for a specific job or task.

Stereotype

An extensively accepted yet uncomplicated and unchanging notion or representation of a specific sort of individual or thing.

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The process of reviewing applications, conducting interviews, and selecting candidates to fill job positions.