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:

Sympathy

Feelings of pity and sorrow for someone else's misfortune.

Feelings

Emotional states or reactions that are subjectively experienced as a response to environmental events or internal thoughts.

Utilitarianism

A moral philosophy in which actions are evaluated based on their consequences.

Universal Moral Truths

Ethical principles that are believed to be applicable to all individuals regardless of culture, time, or situation.