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

question 61

Multiple Choice

A perfectly competitive wheat farmer in a constant-cost industry produces 3,000 bushels of wheat at a total cost of $36,000.The prevailing market price is $15.What will happen to the market price of wheat in the long run?

• A)The price remains constant at $15.
• B)The price falls to $12.
• C)The price rises above $15.
• D)There is insufficient information to answer the question.

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Definitions:

Physiological Needs

Basic physical requirements for human survival, such as air, water, food, shelter, and sleep.

Prestige

The respect, admiration, or distinction accorded to an individual or organization from achievements, quality, or reputation.

Esteem

The respect and admiration that an individual is regarded with by others.

Esteem Needs

According to Maslow's hierarchy of needs, these are the requirements for respect, self-esteem, and respect from others, crucial for an individual's well-being.