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Tidy Tidy
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Posts: 9704
6 years ago
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.
Textbook 

Essentials of Economics


Edition: 4th
Authors:
Read 451 times
4 Replies
Repeat after me: 'Calm down. Things are gonna be fine. Things are gonna be all great. Just relax.' Wink Face
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SmooothSmoooth
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Posts: 5500
6 years ago
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wrote...
6 years ago
I found this question very tricky (not sure why). Thanks for confirming my initial thoughts on it. I will mark this topic solved now.
Repeat after me: 'Calm down. Things are gonna be fine. Things are gonna be all great. Just relax.' Wink Face
wrote...
6 years ago
You're welcome Happy Dummy
wrote...
A month ago
TY :)
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