If the Wheat Industry Is Perfectly Competitive with a Market

question 42

Multiple Choice

If the wheat industry is perfectly competitive with a market price of $4 per bushel and Farmer Brown charged $5 per bushel,how many bushels would Farmer Brown sell?

• A) some, but fewer than he would at a price of $4
• B) more than he would at a price of $4
• C) just as many as he would at a price of $4
• D) none
• E) More information is needed about the prices charged by the other wheat farmers.

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Definitions:

Cornea

The transparent front part of the eye that covers the iris, pupil, and anterior chamber, responsible for focusing most of the light that enters the eye.

Pupil

The opening in the center of the iris of the eye, through which light enters and is regulated in size to control the amount of light that enters.

Optic Nerve

The nerve that transmits visual information from the retina to the brain.

Fovea

A small depression in the retina of the eye where visual acuity is highest, due to the concentration of cone cells.