A Wheat Farmer Sells Wheat in a Perfectly Competitive Market

question 173

Multiple Choice

A wheat farmer sells wheat in a perfectly competitive market and hires labor in a perfectly competitive market.The market price of wheat is $2 a bushel,the wage rate is $10,the farmer employs five workers,and the marginal product of the fifth worker is 10.What would you advise this farmer to do?

• A) Do nothing because the wage rate and the marginal product of the last worker hired are equal.
• B) Reduce employment because the wage paid is less than the marginal revenue product.
• C) Increase employment because the wage paid is less than the marginal revenue product.
• D) Reduce the product price so that the wage and marginal revenue product will be equal.

Understand the factors that led to the end of the Cold War and its impact on the United States, the Soviet Union, and the global community.

Analyze the Iran-Contra scandal, including its causes, effects, and implications for U.S. foreign policy and international relations.

Compare and contrast the experiences of Asian immigrants, Latino immigrants, and African Americans in the 1980s, focusing on opportunities and barriers.

Identify and discuss the causes and consequences of the Persian Gulf War.

---

Definitions:

Receiving Messages

The process of effectively understanding and interpreting communication from others, crucial for successful interaction and information exchange.

Courtesy

Politeness and respectful behavior towards others.

Clearness

Refers to the quality of being easily understandable or free from ambiguity.

Confidence

The belief in one's abilities or qualities, ensuring self-assurance in one's actions and decisions.