29. Letter X represent? a. Number of competitors b. Number of products sold c. M

Question

29. Letter X represent? a. Number of competitors b. Number of products sold c. Market influence/power d. None of the above 30. Letter Y represent? a. Number of products sold b. Number of competitors c. Market influence/power d. None of the above 31 The more inelastic the market demand curve for a commodity is, the more prices will if supply increases a. increase b. decrease c remain constant d. none of the above 32. The rationale for the federal government's intervention in the U.S. food and fiber industry includes. (Select two correct answers) a. protecting an infant industry b. keeping food prices low c. providing for food safety d. none of the above ues 33. If there are a relatively large number of firms selling a differentiated product, monopolistic competition is said to exist. 34. The profit maximizing level of input usage for any firm is determined where marginal revenue product equals marginal input cost. 35. The farm sector is one of the most highly capitalized sectors in the U.S. economy. 36. The effects of a bumper crop that shifts the supply curve to the right is not the same as those of an increase in technology. 37. The Commodity Credit Corporation of the USDA began in the 1930s to acquire excess supply at a desired price 38. In perfect competion, the demand curve faced by a fim is perfectly inelastic. 39. In the long run, the economic profits for a perfectly competitive firm will be zero 40. In the long run, the economic profits for a monopolistic competitive firm will be zero 41 Products sold under monopolistic competition are identical or homogenous. faced by a firm is perf

Explanation / Answer

29) – d X is a random variable which can be used as anything so the answer will be none of the above.

30) – d Y is also a random variable hence this will also be none of the above.

31) – b As the market demand curve is inelastic , if the supply increasesthe demand for the product will not increase at that rate hence the supplier will decrease the price of the product.

32) – b & c . The govt interferes because food is the daily necessity of each and every people of the country , if the firm is given full authority over the product it may charge a very high price for the product and the poor wont be able to afford it , so to keep the price low the govt intervenes. Moreover if the firm is allowed to operate of its own it may export the entire product leading to food shortage in the country . In response to this the govt intervenes so that this situation does not occurs.

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