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The following table shows the supply schedule of wheat for three farmers in the economy. Assume that ...

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The following table shows the supply schedule of wheat for three farmers in the economy. Assume that ...

The following table shows the supply schedule of wheat for three farmers in the economy. Assume that these three farmers constitute the entire market.

Price ($ per bushel)	Farmer 1 Quantity Supplied (bushels)	Farmer 2 Quantity Supplied (bushels)	Farmer 3 Quantity Supplied (bushels)
$10	8	17	30
$8	6	14	28
$6	4	11	24
$4	2	8	18
$2	0	5	8
$0	0	0	0

Which farmer would be willing to accept the lowest price to sell 8 bushels of wheat?

▸ Farmer 1

▸ Farmer 2

▸ Farmer 3

▸ Since the farmers are all price takers, they would all be willing to accept the same price.

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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Just got PERFECT on my quiz

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