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:

Being Needs

The higher-level needs in Maslow's hierarchy, involving the desire for self-fulfillment, personal growth, and self-actualization.

Deficit Needs

Described by Maslow, these are basic needs that must be met before an individual can focus on higher-level psychological needs.

Clinical Patients

Individuals who are receiving or have received treatment and care for psychological or physical health conditions.

Behaviorism

A school of psychology that focuses on observable behaviors as the subject matter and disregards internal processes like thinking.