Farmers Cannot Individually Affect Market Price Because

question 65

Multiple Choice

Farmers cannot individually affect market price because

• A)There is an infinite demand for their goods.
• B)Demand is perfectly inelastic for the farmer's produce.
• C)Their individual production is insignificant relative to the production of the market.
• D)The government exercises control over the market power of competitive firms.

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Definitions:

Economic Rights

Rights that allow individuals to engage in activities for the purpose of earning income such as the right to work, right to own property, and rights to appropriate remuneration.

Collective Bargaining

is a negotiation process between employers and a group of employees aimed at reaching agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights.

Union Members

Individuals who belong to a labor union, an organized group that represents workers in negotiations with employers regarding work conditions and wages.

Hostility Toward Unionization

Negative attitudes or actions by employers, management, or other groups against the formation, growth, or activities of labor unions.