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Farmer Ted sells 1,000 bushels of wheat at a price of $5 per bushel in a competitive market. Wilma sells 5 gallons of water at
Farmer Ted sells 1,000 bushels of wheat at a price of $5 per bushel in a competitive market. Wilma sells 5 gallons of water at a price of $5 per gallon in a monopoly market. If both Farmer Ted and Wilma want to sell a higher quantity, what happens to their respective prices? a. Farmer Ted's price remains constant and Wilma's price decreases. b. Farmer Ted's price decreases and Wilma's price remains constant. c. Farmer Ted's price remains constant and Wilma's price increases. d. Both Farmer Ted's and Wilma's prices decrease
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