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:

Instrument Validity

The degree to which a tool, test, or measure accurately assesses the specific concept it is intended to measure.

Types Of Validity

Refers to how well a test measures what it is intended to measure, including construct, criterion, and content validity.

Class Discussion

An educational technique involving open dialogues within a classroom setting, aimed at enhancing understanding through collective input.

Intergroup Conflict

A state of affairs in which groups having opposing interests take antagonistic actions toward one another to control some outcome important to them.