Question
Consider the market supply curve for an agricultural commodity, which is almost perfectly horizontal at the world price of $450 per tonne. we can conclude
Consider the market supply curve for an agricultural commodity, which is almost perfectly horizontal at the world price of $450 per tonne. we can conclude that sellers in this mark
A) will not be responsive to a change in the world price.
B) will continue to supply the same quantity regardless of the price.
C) will sell almost no amount of the product if the price drops below $450 per tonne.
D) will supply no amount of the product if the price rises above $450 per tonne
E) will supply an infinite amount of the product regardless of the price.
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Get StartedRecommended Textbook for
Microeconomics
Authors: Robert Pindyck, Daniel Rubinfeld
8th edition
978-0132870436, 132870436, 013285712X, 978-0133371178, 133371174, 978-0132857123
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