Answer:
b. $20 per pound.
Explanation:
If the farmer adds l pound of fertilizer per acre, the value of the resulting crops rises from $80 to $100 per acre, then the increased value is $20 = ($100 - $80)
So in order to have profit, the cost of 1 pound of fertilizer must be less than the increased value of $20
Answer: nominal GDP divided by real GDP
Explanation:
The gross domestic price index is also referred to as the gross domestic price deflator and it is used to measure the level of prices new goods and services that are domestically produced in an economy taken into consideration of inflation or deflation.
The gross domestic price index or the gross domestic price deflator is calculated as the nominal GDP divided by the real GDP.
True because it is a liability with a normal debit balance
Answer:
C) perfectly elastic and identical to the firm in perfect competition.
Explanation:
In a perfectly competitive market, firms supply identical products, so the customers are indifferent towards buying the product from any supplier. What makes a monopolistic competition market different is that products are differentiated, so the customers will choose from which supplier to purchase the product.
When the products are identical (not differentiated), then the firm's demand curve will be perfectly elastic because a change in price will make their customers simply change the supplier. I.e. the products are all substitutes.
