1) When the price of rice rises: a. the market quantty supplied of rice increase
ID: 1135428 • Letter: 1
Question
1) When the price of rice rises: a. the market quantty supplied of rice increases. b. the market supply of rice increases. c. the market quantity of rice demanded decreases. d. Both A and C true. e Both A and B are true.2. Which of the following is correct? a. Storage, transportation, and financing are facilitating functions b. Farmers' micro marketing programs are typically much stronger than the procurement programs they face. c. Agricultural marketing is nothing more than economic principles. d. Farmers have typically been consistently happy with the agricultural marketing system. e. As a food processor, developing a more attractive package to sell your food product is example micro marketing activity.
3. Millions of people from Mexico have migrated to the United States. This has redced the supply of labor in Mexico and increased the supply of labor in the United States. Assume that the demand for labor in Mexico and the United States is unchanged. Then wages in the United States________ and wages in Mexico_________. a.fall, fall b.do not change; fall c. fall; rise d. rise, do not change e. rise; rise 1) When the price of rice rises: a. the market quantty supplied of rice increases. b. the market supply of rice increases. c. the market quantity of rice demanded decreases. d. Both A and C true. e Both A and B are true.
2. Which of the following is correct? a. Storage, transportation, and financing are facilitating functions b. Farmers' micro marketing programs are typically much stronger than the procurement programs they face. c. Agricultural marketing is nothing more than economic principles. d. Farmers have typically been consistently happy with the agricultural marketing system. e. As a food processor, developing a more attractive package to sell your food product is example micro marketing activity.
3. Millions of people from Mexico have migrated to the United States. This has redced the supply of labor in Mexico and increased the supply of labor in the United States. Assume that the demand for labor in Mexico and the United States is unchanged. Then wages in the United States________ and wages in Mexico_________. a.fall, fall b.do not change; fall c. fall; rise d. rise, do not change e. rise; rise a. the market quantty supplied of rice increases. b. the market supply of rice increases. c. the market quantity of rice demanded decreases. d. Both A and C true. e Both A and B are true.
2. Which of the following is correct? a. Storage, transportation, and financing are facilitating functions b. Farmers' micro marketing programs are typically much stronger than the procurement programs they face. c. Agricultural marketing is nothing more than economic principles. d. Farmers have typically been consistently happy with the agricultural marketing system. e. As a food processor, developing a more attractive package to sell your food product is example micro marketing activity.
3. Millions of people from Mexico have migrated to the United States. This has redced the supply of labor in Mexico and increased the supply of labor in the United States. Assume that the demand for labor in Mexico and the United States is unchanged. Then wages in the United States________ and wages in Mexico_________. a.fall, fall b.do not change; fall c. fall; rise d. rise, do not change e. rise; rise
Explanation / Answer
1. The market price of any commodity is determined by its demand and supply. The supply and demand are varying according to the change in price level. The supply is directly related with the price. The increase in price leads to increase in supply and decrease in price leads to fall in supply. The demand is inversely related to the price. The increase in price results in lesser quantity demanded and falls in price results more demand.
Answer: Both A and C true.
2. As a food processor, developing a more attractive package to sell your food product is example of micro marketing.
Answer : E.
3. In labour market like any commodity the price of labour i.e wage is determined by the demand for and supply of labour. While demand remains the same an increase in supply of labour reduce the wage rate and decrease in supply increase the wage rate. In United States the labour supply increase due to migration and in Mexico the labour supply decrease. Thus the wage rate in United States decrease and in Mexico it is increasing.
Answer: C. Fall; rise
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