Below Is a Graph Illustrating the Market for Mustard Seeds

question 22

Multiple Choice

Below is a graph illustrating the market for mustard seeds in Rysen III.(Sd is domestic supply,and Dd is domestic demand. ) .The world price of mustard seeds is $100.

-What is meant by the cultural-identity argument?

• A)A country should protect its sense of individuality and culture in industries such as communications,health and education.
• B)A country should try to export its culture to as many other countries as possible.
• C)A country should protect its strategic industries from foreign competition.
• D)A country should assist newer industries which are not yet mature enough to compete with foreign industries.

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Definitions:

Long Run

A period in economics where all factors of production and costs are variable, allowing for full adjustment to changes.

Consumer Demand

The desire and willingness of consumers to purchase goods and services at given prices, which can fluctuate based on a variety of factors including income and preferences.

Price Range

The spread between the highest and lowest selling price of a product or service over a certain period of time.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a certain time period.