Multiple Choice
As a farmer, Gary is familiar with the economics of perfect competition. How is the price at which he sells his corn determined?
A) It is determined by Gary, because he has a product that many people want.
B) The price is determined by combining the actions of all buyers and all sellers together.
C) The government sets the price of the corn to level the playing field for everyone.
D) The price will be approximately 25 percent higher than what other farmers are selling the same corn for because Gary is an astute businessperson.
Correct Answer:
Verified
Correct Answer:
Verified
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