A Perfectly Competitive Wheat Farmer in a Constant-Cost Industry Produces

question 191

Multiple Choice

A perfectly competitive wheat farmer in a constant-cost industry produces 1,000 bushels of wheat at a total cost of $50,000.The prevailing market price is $48.What will happen to the market price of wheat in the long run?

• A)The price remains constant at $48.
• B)The price falls below $48.
• C)The price rises above $48.
• D)There is insufficient information to answer the question.

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Definitions:

Donor IVF

The transfer of a donor’s ovum, fertilized in a laboratory dish, to the uterus of another woman.

Artificial Insemination

A medical procedure that involves the direct insertion of sperm into a woman's cervix, fallopian tubes, or uterus to facilitate pregnancy.

Uterus

A major female reproductive organ in which fetal development occurs.

Selective Abortion

The practice of terminating a pregnancy based upon selective criteria such as genetic anomalies, sex of the fetus, or the presence of specific traits.