Answer:
e. decrease its level of table production
Explanation:
MC = 200.
Market price = 150 which cannot be changed by any firm.
MC is greater than price = MR then in order to maximise profit MR has to be equal to marginal cost
MC has to be decreases to $150 which is possible only when it reduces output.
Answer:
Explanation:
Agriculture is important occupation throughout the world because it is like a backbone to all other occupations and especially its important for we humans to survive. If there is no agriculture then there will not be any healthy population to support any other occupation and hence a very poor world.
Answer:
2 create surpluses by setting the price above equilibrium
Explanation:
Price Floor is the minimum mandated price by the government. It is usually above the free equilibrium price level. It is intended to protect the sellers from under pricing in free markets.
Eg - Minimum Support Price for farmer's agricultural products
Since, supply is directly related & demand is inversely related to price. Price above the equilibrium level price creates : More Quantity Supplied & Less Quantity Demanded.
Hence, this higher Supply > Demand creates surpluses of the commodity in the market.
Answer:
Property rights allow consumers and producers to make free choices .
Explanation:
A free market in an economic system is solely based on the market forces of demand and supply with minimum government intervention.
Property right is the authority of ownership that determines how a property can be put to an efficient use , thereby promoting efficiency.
This is necessary in a free - market system as it allows consumers and producer to make free choices , as the intervention of the government is at the minimal level.
Answer:
The correct answer is: Manufacturing overhead.
Explanation:
Manufacturing overhead includes all the costs not related to labor or direct production materials related to the company's manufacturing operations in regards to the facility. These costs are untraceable and include depreciation of equipment, property taxes or rent of factory building.